ATMs go dry, Cash crunch is back

Lloyd Doyle
April 17, 2018

"The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", he added.

From Varanasi in Uttar Pradesh people said, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash". Some states have less currency and the others have more. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. "It will be done in 3 days", he was quoted as saying.

Among the worst affected cities are Hyderabad, Bhopal, Surat, Varanasi and Delhi. A stock-taking analysis submitted by the Reserve Bank of India (RBI) found that the rate of cash withdrawal was much higher than the rate of cash deposits in Andhra Pradesh, Bihar, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana, among other states. And the only party flush with cash is the BJP: "the people suffer", he tweeted.

In Hyderabad people said, they have been unable to withdraw cash from ATMs. "We moved through six ATMs fetching for cash in different banks on Anandnagar Road and Bodakdev, however, all of them had run out of cash", said Shamik Das, a resident of Satellite. The cash shortage faced by banks was also acknowledged by deputy chief minister Nitin Patel last week, while he was in Surat.

Assuaging concerns over currency shortage in ATMs (Automated Teller Machines), finance minister Arun Jaitley on Tuesday said there is more than adequate currency in circulation and the same is available with banks. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. "But notes of Rs. 2,000 are missing from the market". Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation.

However, according to news reports, several parts of India are facing a cash shortfall this week prompting the government to step in with corrective measures like better routing of cash from currency chests. This is a conspiracy to create problems and state government will take strict action on it. "The government will act tough on this". "We are facing a cash crunch".

People in Delhi told ANI that the few ATMs which were dispensing cash had only Rs 500 notes.

Other reports by Iphone Fresh

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