ATMs run dry in some States

ATMs run dry in some States

The government and Reserve Bank of India (RBI) officials had met and attributed the shortfall to unusual local demand in a few states and instructed banks to improve their cash management. "We continue to have in stock adequate currency notes of all denominations, including of Rs 500, 200 and Rs 100 to meet any demand", the statement read. "These notes alone can more than meet the demand of any month", he said. Most of the ATMs are not dispensing cash, the ones which are dispensing, have only Rs 500 notes. This process of re-calibration is handled quickly in urban and metro areas but takes a longer amount of time in rural and semi-urban areas.

Mysuru city is witnessing brisk poll campaigns by various political parties, but the ATMs have been running out of cash and the common man again is in dilemma. In a month, supply would be about 70,000-75,000 crore.

However, Congress President Rahul Gandhi hit out at Prime Minister Narendra Modi and the Centre. RBI has been given an indent to increase the flow of Rs 500 notes in the system.

Gujarat deputy chief minister Nitin Patel told a newspaper few days back that the state is in touch with the RBI to resolve the issue of cash crunch.

The Manipur government also wrote a letter to the finance ministry apprising them of acute shortage of cash in the state.

PM Narendra Modi meets King of Sweden Carl XVI Gustaf
Modi will hold bilateral meetings with Nordic Prime Ministers, including, in order, Denmark, Finland, Iceland and Norway . Prime Minister Narendra Modi on Monday arrived in Sweden for a two-day visit to attend the first India-Nordic Summit.

People in Delhi have also been talking about the non-availability of cast at ATMs.

The Finance minister has to say that there is no need of worry and that there is enough cash in the system. Since Tuesday morning, similar reports started emerging from different parts of the country, following which the finance minister issued a statement. Among other things, the recent bank scams may be another reason why people are rushing to take out offload their cash from banks. Indian Express quoted one H. Purnima, a regional manager at State Bank of India in Vizag, as saying that all banks have been witnessing high withdrawals since November 2017 and that they were "unable to refill ATMs because people are not depositing in banks".

Social media users on Tuesday reacted sharply to reports that ATMs are running out of cash in several states, comparing the problem to demonetisation in 2016 and criticising the government.

According to MoS Finance SP Shukla, the government has cash currency of Rs 1,25,000 crore right now. In next couple of days, we will have supply of about 2500 crore of Rs 500 notes per day. Chouhan, while speaking at a farmers' convention on Monday (April 16), said that Rs 2000 currency notes were missing from the market even as the notes in circulation were more than pre-demonetisation.

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