Monday , August 20 2018

SBI working to make Rs.100 notes available at branches and ATMs

SBI working to make Rs.100 notes available at branches and ATMs 

With government of India announcing the ban of Rs.1000 and Rs.500 notes all the banks are strucgliing to manage the rush that is being witnessed in the banks to exchcnged the ban notes. On this context the State Bank of India said that they are making all possible efforts to make available suffiecient amount of Rs.100 notes to its customers through their bank branches and ATMs. Thye also said that they will try their best to reduce the inconvience that the people are facing.

SBI working to make Rs.100 notes available at branches and ATMs

S.No Some Interesting Facts about State Bank of India Detailed Information
1 SBI (State Bank of India) Nation’s Largest Lender
2 Number of Branches Owned by SBI Around 17,000
3 Total Number of ATM’s Owned by SBI Group 55,000
4 Total number of Cash Depositing Machines SBI group owned 7,000
5 Reason Behind proving 100 rupees note To reduce the inconvenience faced by public

Details about the SBI and the steps that it is taking to meet the demand of Rs.100 notes

State Bank of India Groupis reported to have 7000 cash deposit machines, 3000 PoS machines and 55000 ATMs accross the country. Apart from this the bank has around 17000 branches and has over millions of customers in the country.

SBI has announced they have enough Rs.100 notes and they are trying to make a strategy so that all the ATMS and branches of the bank have sufficient Rs.100 notes in the coming two days.

The ban on higher denomination notes

On the 8th November Prime Minister Narendra Modi announced the ban of Rs.500 and Rs.1000 notes in country and also curbed the cash withdrawal from ATMs and bank branches. The objective behind this ban been the increased amount of fake note circulation in the market and the increase in black money possession.

A similar situation was witnessed in the year 1978 when the use of Rs.1000, Rs.5000 and Rs.10000 notes was ban by the Modi ji’s government.

Current situation

All the banks and ATMs were shut of the 9th November which created a lot of panic among the public. From today the banks are open and all the banks are witnessing long queues of people who want to deposit their Rs.500 and Rs.1000 notes or exchange their notes with Rs.100 notes. Many banks are facing a lot of problem in managing the demand for exchange as there is a shortfall of Rs.100 notes.

Addressing the public of the country the Managing Drector of SBI, Rajneesh Kumar, said that the public need not panic. the government and the banks are trying their best to meet the demand. He added that there will be enough time given to deposit all the Rs.500 and Rs.1000 notes that is there with people. He also informed that now one has to adjust wth the Rs.100 notes as it will take some more time to release the Rs.2000 and new Rs.500 notes.

But then the annual report for the year 2016 says that 86% of the total Rs.16.42 lakh core value of bank notes that is in circulation is that of Rs.500 and Rs.1000 notes, and replacing them would be surely difficult.

Conclusion:

Experts all over the nation exclaimed that the bold decision taken by the current Prime Minister will create a positive impact and leads to growth in Indian economy soon.  Meanwhile, on accounting the problem faced the common men in the country, the nation’s one among the leading bankers ‘State Bank of India’ has preferred to offers 100 rupees note for exchanging the banned higher valued currency of Rs.500 and Rs.1000 recently which is highly welcomed the all citizens of India.

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