India central bank attempts to calm fears around currency shortage

A man counts Indian rupee banknotes after withdrawing them from an ATM in Agartala, India, November 12, 2016. REUTERS/Jayanta Dey
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MUMBAI (Reuters) – The Reserve Bank of India said on Sunday that small denomination currency notes are available with both the central bank and with other lenders, and it urged individuals to not withdraw and hoard money.

The RBI announcement attempting to assure the public comes as anger intensified in India on Sunday with banks struggling to dispense money following the government’s decision to withdraw large denomination notes in an attempt to uncover many billions of dollars in undeclared wealth.

“The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; cash is available when they need it,” the RBI said in a statement on Sunday.

(Reporting by Suvashree Dey Choudhury; Editing by Euan Rocha)

 

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