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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?
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 reportedlysaid 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".
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.
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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.
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