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RBI Governor Urjit Patel assures all action to ease pain of citizens after demonetisation

Reserve Bank of India Governor Urjit Patel on Sunday said that the central bank is taking all actions to ease the pain of citizens who are ‘honest and have been hurt by demonetisation’.

The governor said that the RBI is monitoring the situation on a daily basis after the notes ban.

He added that liquidity in the banking system has increased after the ban on Rs 500 and Rs 1000 notes, and said that banks are working in ‘mission mode’ to fight the cash crunch.

Patel said that printing presses were being made to work at full capacity to meet the demand for new notes.

The Governor urged people to use cards meet their transactional requirements.

“The intent is to normalise things as soon as possible,” he said.

The new currency of Rs 500 and Rs 2000 has been designed in such a way that it will be hard to counterfeit, Patel stated.

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