Udupi reports shortage of cash at post offices.

Udupi reports shortage of cash at post offices.

Mangalore Today News Network

Udupi, Dec 26, 2016: Shortage of Rs 500 and Rs 100 notes appears to have affected the timely payment of pension to over 50,000 citizens in the district. Since the post office is in charge of most of the state and central government pension schemes in the district, the scarcity of notes has made it difficult to ensure that the pensioners receive money.

Chief superintendent of post for Udupi, Rajashekar Bhat said, "There was some problem in November. Now, we have requested the lead banks to instruct the other institutions to release the money without delay. There are around 53,000 pensioners in Udupi, who receive a pension of rs 500 — the total comes up to around Rs 3 crore. Currently, banks are rleasing notes in batches. Once the new Rs 500 notes start being circulated, the problem will be solved. The State Bank of India has assured to dispatch the new notes in two days."

Member of the city municipal council, Udupi, Janardhan Bhandarkar said that banks should support the postal department in ensuring that the pension services remained unaffected. "It is laudable that pension is delivered by post. However, banks should work in tandem with the postal department to ensure this continues seamlessly," he added.

A resident, urged the Reserve Bank of India to release more Rs 500 and rs 100 notes to the many post office branches. "A large number of people are depositing money in old currency notes in the post office," he added.