Kerala: Hot chase now for Rs 500 notes

KOZHIKODE: The banks and the public are still waiting for the   new  Rs 500 notes though they have already reached the main bank branches here. The sub- branches, especially in the rural areas, have not been provided with the new notes  due to the shortage of the currency. “We have not received the new Rs 500 notes from our main branch,”  said Mr P. Srinivasan, chief manager, SBT, Koyilandy.  The  shortage has caused untold difficulties to the public and the banks. The main branch  first distributes the notes among the banks in urban areas.  The cash crunch in rural pockets may worsen if the new denominations are not widely available soon, he said.

The banks do not have Rs 100 rupee notes and  ATMs are filled only with Rs 2,000 currencies. The people  having  Rs 100 rupee notes are not spending them affecting the market and  the banks. No new Rs 100 currency will be printed now and the situation is unlikely to  improve soon, he said. A large number of ATMs in Malabar region remain closed and a few ATMs function  only with Rs 2,000 denominations.  The rush before ATMs has come down due to this.