BANKS ACROSS the country are bracing for the next big test of their liquidity position — meeting month-end demand of lakhs of salaried employees and pensioners. To beat the imminent cash crunch, banks are setting internal daily cash withdrawal limits per account, while the government has asked private companies to make payments to employees digitally.
Banks have also suggested to large companies that they should give prepaid payment cards to their employees in lieu of cash, industry sources said.
We are making arrangements so that there aren’t any problems in the days to come. There should not be any inconvenience to the salaried class, pensioners or any section of society. We have made arrangements, and will be able to say whether these are adequate or not only on the day when money comes into the accounts of pensioners and salaried people. We’re hopeful that there won’t be any problems,” said a top official of the Bank of Maharashtra.
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