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The Southern India Mills’ Association

Committed to Foster the Growth of the Textile Industry

Banks will call clients when cash arrives

Surat: Some nationalized banks have asked their customers wanting to withdraw money from their accounts to write their names and mobile numbers on the back of the cheques so that they can contact them once they are provided with cash by the RBI. The SBI, BoB and a few other banks have been collecting cheques from customers wanting to withdraw big amounts by taking down their contact numbers.
Most transactions in the Diamond City are done in cash and currency shortage has hit real estate, textile and diamond sectors hard. Sources said SBI’s currency chest on Friday dispensed Rs 10 lakh each to cooperative banks in the city. However, the cooperatives in turn gave Rs 20 lakh to their link banks in the region.