Cash crunch is back as ATMs across India go dry: 10 points

17 April, 2018, 10:27 | Author: Regina Silva
  • The Daily Fix Caste ire Kathua cash crunch – does BJP no longer have its finger on India’s pulse

The situation is so tense in the state that even Chief Minister Shivraj Singh Chouhan had to make a public comment on the issue.

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. The Government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other.

Meanwhile, SP Shukla, Mos Finance has said, "We've cash currency of Rs 1,25,000 crore right now". Most of the ATMs in Vadodara, Delhi, Bhopal, Varanasi and Hyderabad have run out of currency notes.

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Despite the currency flow going back to the pre-demonetisation levels, people are facing difficulty in withdrawing cash from ATMs. Due to shortage of cash in ATMs the routine works of common man hampered badly as the ATMs are not shelling currency notes. Since the amount of currency put out by the Reserve Bank of India (RBI) and government printing presses is adequate for normal transactions, bankers believe there is hoarding of the Rs 2,000 notes. We have visited several ATMs today as well, to no avail, ' people in Bhopal said. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", the minister tweeted. There have been complaints that either the ATMs don't have cash or they are not working. "We need to pay for the admission of children and purchase groceries and vegetables", a resident of Varanasi in Uttar Pradesh was quoted by ANI as saying.

He was referring to news reports of ATMs running out of cash at some places in the state. The ministry officials also held consultations with state officials and bank heads in the wake of shortage of cash. "We are facing difficulty, don't know what to do", they said.

In what seems like the horror reminders of the demonetisation days, several ATMs across the country reportedly went "out of service" with many people facing cash crunch on Tuesday. The situation has been the same since 15 days. "But notes of Rs 2,000 are missing from the market". Stating that this is a phenomenon experienced by "all banks" since November 2017, Purnima said, "We are unable to refill ATMs because people are not depositing in banks".

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