With pay day knocking at the door, banks are preparing themselves to face the huge rush that is expected to hit their branches across the state.
United Bank of India (UBI) has already approached Reserve Bank of India (RBI) to provide more cash to meet salary withdrawals and pensions. "We also plan to open additional counters at all our branches," CEO and MD of UBI Pawan Bajaj told PTI.
"We are prepared to face the rush at our branches on salary day. We have sought additional cash from RBI to meet part of the demand," an official from SBI's local head office here said.
SBI branches will open before the scheduled time to serve customers, the official said.
"We have also planned to open up special counters for senior citizens for pension withdrawals," he said, adding that RBI had called a meeting with various banks last week to discuss the issue.
Meanwhile, most ATMs across the city were either seen with shutters down or with 'No Cash' notices hung on their doors.
Largest private lender ICICI Bank also made arrangements to meet rush of salary withdrawals, a bank official said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.