May 25, 2018

Cash crunch: Many ATMs run dry in MP cities, towns

18 April 2018, 12:28 | Lionel James

ATMs are drying and the cash has gone, but why the crunch?

Cash crunch: Finance Minister Arun Jaitley calls it 'temporary shortage', Congress blames Centre's weak banking system

Former RBI deputy governor R. Gandhi has noted that based on pre-demonetisation trends - that is, if demonetisation had not taken place - India's currency in circulation should be close to Rs 23 lakh crore. He reportedly said that approximately 10-12 per cent of the ATMs across the country have been affected, adding that there would be a shortage of Rs 500 notes for at least 5-7 days. The currency supply increased by?45,000 crore in the first two weeks of April, it said. "Nirav Modi fled with Rs 30,000 crore and the prime minister did not utter a word".

Some also alleged that this could be a move to starve the Opposition of cash right before an important election year. "16.5 lakh crore notes were printed & circulated in markets, but where are Rs 2,000 notes going? There has been some tendency of some people using Rs 2,000 notes, but that does not affect the overall supply of the Rs 2,000 notes".

There are reports of ATMs running dry from states like Delhi, Uttar Pradesh, Telangana, Gujarat, Chhattisgarh, Bihar, Jammu and Kashmir and Madhya Pradesh.

In response to the Finance Minister, KT Rama Rao, a minister in the Telangana cabinet, said that this was an issue being faced by customers for the last three months.

Banks in several states admitted that their ATMs had no cash to dispense and no way to refill them. "We have visited several ATMs since yesterday but it is the situation everywhere", said one of the residents.

The government is checking with banks and the Reserve Bank of India to ensure the adequate supply of currency.

Currency with the public excludes cash with banks, while currency in circulation includes notes in circulation, rupee and small coins, and deposits with commercial banks in current and savings accounts.

Working Families Party Endorses Nixon
The issue is one of the biggest differences between herself and her Democratic opponent incumbent New York Governor Andrew Cuomo . New Yorkers won't have any problem lighting up if Miranda gets her way.

Other districts of the state like Chhapra, Madhubani, Bhojpur too have been facing cash crunch in Bank ATMs for past few days as people could be seen standing in long queues for hours outside some SBI ATMs.

Amidst reports of a cash crunch and empty ATMs, the government on Tuesday said that this was due to unusual spurt in currency demand in the country in last three months.

Mr Jaitley today reviewed the currency situation in the country amid reports of its shortage in some parts of the country.

Reacting to the crisis, West Bengal Chief Minister Mamata Banerjee asked if there was a "Financial Emergency" in the country.

One reason could be that since all the 2.2 lakh ATMs have not been recalibrated to dispense the new Rs 200 and Rs 50 notes, while at the same time Rs 2,000 notes are being phased out, cash is finding it hard to make its way to the people.

An "out of cash" board outside an ATM in Vijayawada. One possible reason is the procurement season has started and the demand for payment to farmers has gone up. Taking cognizance to the matter, Mos Finance SP Shukla said that government is aware of the issue and steady steps are taken by the Government.

Other News

Trending Now

New Zealand strike double gold in rugby sevens
Etene Nanai-Seturo opened the scoring for New Zealand after two minutes and Vilimoni Koroi's conversion gave them a 7-0 lead. The victor of that match will progress through to the semi-finals and the loser will be out of medal contention.

Drinking more alcohol linked to lower life expectancy, research finds
Drinking sensibly has been shown in the past to reduce the chance of a non-fatal heart attack and can even be good for the brain. Even more excessive drinking, a weekly total of more than 17 drinks, was linked with a shorter life expectancy of 4-5 years.

Facebook updates with post on logged-out data collection
Now it restricts apps from accessing users' personal data if the app has not been used by them for more than three months. With Facebook Analytics, websites and apps can better understand how its audience make use of their services.

Eintracht Frankfurt hit out at 'selfish' Bayern Munich over Niko Kovac exit
Frankfurt can still win a title this season as Kovac's men clash with Schalke in the German Cup semi finals on Wednesday. Kovac is relatively inexperienced - Eintracht was his first club job and he was only appointed in March 2016.

London stabbing spree continues after teen, 18, is brutally killed
In Sudbourne Road, Brixton, at 6.30pm the police were called to the property where they found a woman in her 30s stabbed to death. Two people have been stabbed to death in the capital within minutes of each other in separate domestic incidents.

Former First Lady Barbara Bush 'in failing health'
Bush spent two days at Methodist Hospital earlier this month but decided not to return there when her health began to deteriorate. Bush in the 1992 presidential election, tweeted that she was "k$3 eeping Barbara Bush and her family in my heart and prayers".

Syrian Canadians express mixed reactions to US-led airstrikes
But by Monday, the team had still not been granted safe passage, according to the United Kingdom envoy to the OPCW, Peter Wilson. The group has shared with Freeland a report on international-law violations against children in the Syrian conflict.

Venezuela's Maduro blasts Summit of Americas for "intolerance"
President Donald Trump has partially rolled back former President Barack Obama's diplomatic opening with the communist island. Cuban Foreign Minister Bruno Rodriguez called it "an affront to all the peoples of our America and a historic regression".

NASCAR at Bristol: Rain postpones Food City 500 until Monday
Larson's speed of 129.004 miles per hour put his No. 42 Chevrolet at the top of the scoring pylon in Saturday's opening session. Busch, who had qualified second, hit the inside wall on the backstretch and damaged the front end of his Ford.

Cameroon athletes have gone missing from the Commonwealth Games
Six had finished competing, while the two boxers left the village without taking part in their events. "No, no, no. Games officials say the athletes have not yet officially breached their visas, which do not expire until May 15.