Cash Crunch At Many ATMs Across India; Will Be Resolved, Says Government

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Cash Crunch At Many ATMs Across India; Will Be Resolved, Says Government

Posted on : Tuesday 17th of April 2018

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NEW DELHI:  ATMs are out of cash or not working, people have reported from several states, including Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana. People in Delhi have also been tweeting about not getting cash at ATMs, in a reminder of long queues and non-functioning machines after demonetization in November 2016.

In Hyderabad, news agency ANI quoted people as saying they had been unable to withdraw cash since yesterday. There are similar reports from Varanasi.

Reports suggest officials of the finance ministry have held a meeting with the Reserve Bank of India (RBI) last Thursday, to take stock of the situation. Finance Minister Arun Jaitley said, "overall there is more than adequate currency in circulation...the temporary shortage is caused by sudden and unusual increase in some areas."

Sources have told NDTV that RBI has directed banks with surplus cash to help other banks facing a shortage of funds. There is a mismatch of demand and supply of cash, say sources. The transactions at ATMs have also gone up; earlier it was Rs. 3000 on an average, now it's Rs. 5000 say sources.

Reports of cash crunch at ATMs have brought back memories of November 2016, when Prime Minister Narendra Modi, in a midnight announcement said old notes will be scrapped. Congress and the Left took potshots at the government; while the Congress questioned whether it is a "gross mismanagement or a deliberate move", Mr Sitaram Yechury tweeted ATMs are dry but "only party flush with cash is the BJP."

Madhya Pradesh Chief Minister Shivraj Singh Chouhan has alleged a conspiracy behind Rs. 2,000 notes vanishing from the market.

Addressing a farmers' convention, Mr Chouhan said on Monday, "The currency worth Rs. 15,00,000 crore was in circulation before demonetisation. 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."

He was referring to news reports of ATMs running out of cash at some parts of the state.

"Where are these notes of Rs. 2,000 denomination going? Who is keeping them out of circulation? Who are the persons creating shortfall of cash? This is a conspiracy to create problems. The government will act tough on this," he said.

Mr Chouhan added he had raised the problem with the Centre.

Courtesy : NDTV

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