RBI clarification on 5 day week in commercial banks

It has been reported in certain sections of the media that commercial banks
would have a 5 day week in terms of RBI instructions. It is clarified that this
information is not factually correct. RBI has not issued any such directions.

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Ministry of Finance
Government reviews the currency circulation in the country

Government and RBI have taken all steps to meet unusual demand of the currency
Adequate reserves of currency to meet the rising demands
Non Functional ATMS to be normalized soon

There are reports of cash shortages and some ATMs running dry of cash or becoming non-functional in some parts of the country.

There has been unusual spurt in currency demand in the country in last three months. In the current month, in the first 13 days itself, the currency supply increased by Rs.45000 crores. This unusual spurt in demand is seen more in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP and Bihar.

The Government of India with the Reserve Bank of India have taken all steps to meet this unusual demand. We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far. We continue to have in stock adequate currency notes of all denominations, including of Rs.500, 200 and Rs.100 to meet any demand.

The Government would like to assure all the people that there have been adequate supply of currency notes which have met entire demand so far. The government would also like to assure that it would be supplying adequate currency notes to meet even higher levels of demand if such demand were to continue in the coming days/months.

The Government is taking all steps to ensure that ATMs are supplied with cash and to get non-functional ATMs normalised at the earliest.

Source: PIB

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Reserve Bank of India

Date: Sep 04, 2014

Simplification of KYC Norms – Creating Public Awareness
RBI/2014-15/209

DBOD. AML. No. 3356/14.01.001/2014-15

September 4, 2014

The Chairperson / Chief Executive Officers
All Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks /
All India Financial Institutions

Dear Madam/Sir,
Simplification of KYC Norms – Creating Public Awareness

The Reserve Bank of India, in the recent times, has been taking several measures to simplify KYC requirements to help the common man open bank accountsbank accountsbank accounts. It is, however, observed that despite such measures the general public is still facing problems in opening a bank account as these measures have not been given adequate publicity and the common man still lacks awareness on the basics of opening a bank account.
2. In order to address these issues, create public awareness and give wide publicity to these KYC simplification measures, Reserve Bank has issued a Press Release together with a poster and a booklet comprising a few common questions relating to Know Your Customer (KYC) norms for opening bank accountsbank accountsbank accounts. These are available on our website at http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=31935.

3. In this regard, banks are also advised to initiate steps to create awareness and give wider publicity by circulating the poster and booklet amongst all their branches. Branches may be advised to make available the booklet to the customers/ general public and display the poster prominently in their premises. Progress made in this regard would be reviewed by Reserve Bank in due course.

4. Banks may ensure strict compliance of these instructions.

Yours faithfully,

(Lily Vadera)
Chief General Manager

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