RBI hikes cash supply by 4 times, banks still cash-starved

NEW DELHI/MUMBAI/CHENNAI: With the cash crunch at bank branches expected to persist on Thursday, the government has moved to further scale up the printing of Rs 500 notes+ , hoping that the new stock of the elusive currency will ease the situation in the next few days. Banks across the country continued to face cash shortages+ and most of them ran out of money+ early in the morning on Wednesday.
Private banks had a tough time dealing with cash shortage+ and industry data showed the supply was sharply reduced. Sources said the four currency printing presses, two owned by RBI at Mysuru and Salboni, and two government-owned ones at Nashik and Devas, which were operating two shifts, have now started working three shifts. The focus now is on augmenting the supply of Rs 500 notes+ , the sources said.

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