ATMs can accommodate Rs 2 lakh crore worth of Rs 100-notes but bankers are rationing cash refilling by half in several off-site machines to even out distribution.
MFI practitioners told ET that some have come with Rs 2000 notes but yet they can’t accept repayment as they don’t have currencies with smaller denominations
Several customers were disappointed and returned empty-handed as many branches ran out of cash within hours of opening for business.
While banks are bracing for deluge of deposits and demand to open new accounts, experts see a looming possibility of black money hoarders engaging huge number of gullible people to exchange their illegal cache of high value currency notes.
Kolkata-based Uttrayan Financial Services, on the other hand, has directed its field workers not to accept any pre-payment while it has not place any restriction on loan repayment.
Total bank deposits in the fortnight to October 14 were Rs 99.63 lakh crore, a growth of just above 10% yearon-year.
Companies have also stopped loan disbursement in physical cash, creating gaps in borrowers’ daily cash credit requirements.
The bank’s net was at Rs 43.5 crore for the quarter under review as against Rs 61.9 crore in the year ago period.
The preferential allotment of 7.17 crore equity shares will raise LIC's stake in Uco Bank to 14.5% from 10.38% at present.
The company expects to grow disbursal in the second half of the fiscal and start building the asset under management again, with normal monsoons, rise in MSP of agricultural commodities.
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