Panic grips as ATMs out of cash

Representative

"We sincerely regret the inconvenience caused to some of our customers due to insufficient cash supplies at some of our locations", said the chairman and further stated that the bank highly values the unconditional loyalty of people of the state towards the bank. "For the past four-five days now, banks in the state are not getting enough cash".

According to Finance Ministry, at present, there is a reserve of Rs. 1.75 lakh crore.

Since the note ban, cash availability has become a political issue.

With ATMs suddenly running dry in several states, Congress President Rahul Gandhi on Tuesday said the "terror" of demonetisation has returned to haunt the country, slamming Prime Minister Narendra Modi for what he described as destroying India's banking system. The RBI collects data from its 19 regional offices, and then decides on how much currency to allocate to each office - remittances are generally made quarterly.

"The ghost of demonetization has come back to haunt the government/RBI. Out of 9,679 PNB ATMs, there is a 90% availability of ATMs which is normal", said the large north-India-based bank in an emailed statement. The government is also analysing the demand pattern in the states. Now the latest update says that the cash crunch would hit an all time high in the coming days. The same report by RBI shows that as on 23 February, total currency in circulation was Rs 17.82 lakh crore, or 99.17% of pre-demonetisation levels of Rs 17.97 lakh crore. Though the number of users is increasing, a more pragmatic option would be to educate on migrating to digital modes of payments to avoid similar situation and save precious time, Singh added.

The government expects at least 80 per cent of the ATMs to be functioning and dispensing cash from Thursday.

With banks giving their service providers nearly 40-50 percent less cash for ATMs, currency is rationed to ATMs depending on the locality and the demand for money, said V Balasubramanian, the spokesperson of the Confederation of ATM Industry. Farmers would have to sell their crops for less cash, this is what they did in November 2016 when the government had demonetised currency. Overall there is more than adequate currency in circulation and also available with banks.


The cash crunch in ATMs in states like Madhya Pradesh started more than a week ago, as per reports.

Union Finance Minister Arun Jaitley said the "temporary shortage" in certain states is being "tackled quickly" and that there is "more than adequate" currency in circulation.

The SBI ATMs in and around the capital complex alone need around Rs 5 crore per day. "It had dropped to around 85 percent yesterday".

"The government should take urgent measures".

Officials of several bank branches said that the banks' infrastructure is unable to handle the huge rush resulting in long serpentine queue. "Even if there are cases of ATMs running out of money, it is because people from other banks are coming to withdraw money", the private lender said.

The RBI said shortage "may be felt" in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway. "About Rs 1.75 lakh crore worth of currency is still in reserve", Garg said. A committee under the DEA secretary has been formed to monitor the cash situation.

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