Friday, 14 December, 2018


ATMs across country go dry, Govt seeks 3 days to fix problem

People stand outside a non-functioning ATM in Delhi. Several people complained ATMs were not working and some that were only dispensed Rs 500 notes ATMs across country go dry, Govt seeks 3 days to fix problem
Conrad Doyle | 17 April, 2018, 12:00

Sources in the finance ministry said the cash crunch was not alarming and there was no need to panic.

The cash crunch in few states in the country including Gujarat has become worse. The Government has formed a state-wise committee and RBI also formed a committee to transfer currency from one state to other.

Meanwhile, the government assured that the matter would be solved in 3 days.

They point out that a total of Rs 18.3 lakh cr worth of currency notes are in circulation in India at present, which is more than the Rs 17.8 lakh cr worth of notes that was there just before demonetization. There is one problem that some states have less currency and others have more. There is no apparent cash crunch across states.

In Varanasi, people told ANI, "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". In some of the states, recalibration of ATM machines for Rs 200 notes have not been completed leading to shortage of cash. While, Finance Minister reiterated that 'we have reviewed the currency situation and there is more than adequate cash available'. We have visited several ATMs today as well, to no avail, ' people in Bhopal said. Jaitley took to micro-blogging site Twitter and said that the shortage is "temporary" and that it has been caused due to "sudden and unusual increase" (in demand) in some parts of the country. They blamed the cash shortage over fewer deposits and more withdrawals.

Some bank officials also believe the RBI has deliberately reduced cash supply to banks to force people to make digital payments and increase cashless transactions. "We are facing difficulty, don't know what to do".

People from Bhopal in Madhya Pradesh claimed that the situation had been prevailing for the past 15 days. As per reports, most of the ATMs are running out of cash that has created big problems for the people.

Puneet Sharma, a trader at Lucknow's Aminabad market compared the situation to that after the government scrapped high-value notes in November 2016.

Commenting on the situation, J N Singh, chief secretary, said, "We understand the urgency faced by the banks and are in constant touch with the RBI as well as the central government to resolve the issue".

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