RBI advised Banks to take care of Cash requirements of Pensioners and Armed Forces Personnel
DCM (Plg) No.1384/10.27.00/2016-17
November 24, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks /Urban Co-operative Banks / State Co-operative Banks/ District Central Co-operative Banks
Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel
In view of the withdrawal of legal tender character of the Specified Banknotes (SBN) demand for cash is expected from Government officials and pensioners after the electronic payment of their salary/pension.
2. Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by:
(i) Ensuring adequate cash availability for taking care of the requirements of pensioners
(ii) Ensuring adequate supply at the military outposts for the cash requirements of the Armed Forces personnel.
(P Vijaya Kumar)
Chief General Manager