RBI Governor never mumbles, nor has he ever been incoherent, but he’s been notably reticent amid the turmoil sparked by demonetisation.
Kolkata-based bank disburse about Rs 100-125 crore a day but it was difficult to get that kind of cash while RBI was seen dumping Rs 10 coins at bank branches.
The I-T dept has started sending missive to banks and post offices to submit details of high-value cash deposits in banks and post office accounts.
He joined ICRA in 1991 on deputation of from IFCI and built a fine rating company, where Moody’s Investors Service Inc is the largest shareholder.
After this, by all practical purposes, cheque payment or online bank transfer becomes mandatory to people having bank accounts for all likely expenses.
A branch manager with another private bank In Mumbai’s Mira Road has similar take. “Almost 60-70% of our cash balances is in coins.”
ICICI Bank’s head for retail banking Anup Bagchi said that it’s important that the ATM network functions at full throttle and doesn’t run out of cash easily.
Micro lenders were in dilemma on whether to accept repayment in old high-value currency notes; most companies deferred repayment.
Ujjivan belongs to the top three league of India's microfinance sector.
"Money mules are hired mostly by fraudsters and money launderers to transfer illegal money into the mules" account. Now, they seem to have become the vehicle to exchange unaccounted money for new currency notes."
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