Cash management service firms were put on alert. India News – Times of India

CHENNAI: Banks have alerted cash management service companies to monitor collection of Rs 2,000 from retailers and report any discrepancy to financial institutions. Retail cash management service firms act as a bridge between banks and retailers, taking cash from the latter and depositing it with banks.
comes after development reserve Bank of India Announcing their withdrawal from circulation, however, Rs 2,000 notes will continue to be legal tender.
CGM (HR & Operations) Anto, South Indian Bank George T Said bank has very limited cash pick-up services. “However, all our branches and agencies have been asked to exercise caution in handling transactions related to withdrawal of Rs 2,000 notes. It may be noted that we have not noticed any disturbance in our bank so far. ” George Added.
Sources in the retail cash management services sector, privy to the development, said that no specific instructions have been issued by banks in this regard, but there is a need to inform any increase in Rs 2,000 denomination notes collected from retailers. Alert has been given. Banks.
Meanwhile, the All India Bank Employees Union (AIBEA) General Secretary CH Venkatachalam Said, no one can deny individuals or institutions the right to deposit Rs 2,000 denomination currency in banks as the RBI has announced that it will continue to be a legal tender. “But, banks may alert RBI in case of unusual bulk remittances of Rs 2,000 notes from a particular source.”
The RBI had said that 89% of the Rs 2,000 notes were issued before March 2017 and are at the end of their estimated life of 4-5 years.