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Bank unions ask RBI to issue lower-denomination currency notes on urgent basis
In a statement issued to Reserve Bank of India (RBI), Bank Employees Federation of India (BEFI) has asked the central bank to urgently issue lower-denomination notes.
Hyderabad: In a statement issued to Reserve Bank of India (RBI), Bank Employees Federation of India (BEFI) has asked the central bank to urgently issue lower-denomination notes, as per a report in Times of India.
"Nearly 95 per cent cash supplied to the bank consists of `2,000 notes which is more of a store of value than a medium of exchange for transactions," said the BEFI in a statement.
The bank unions have asked RBI to disclose on how much currency is being received and disbursed to various banks across states on a periodic basis.