Cash crunch returns as ATMs in many states go dry

Cornelia Mascio
Aprile 17, 2018

Also, people in Delhi said, "We are facing cash crunch".

As reports of the cash crunch emerged in Madhya Pradesh, the Chief Minister Shivraj Singh Chouhan alleged a "conspiracy" to create problems. Expressing resentment on the banking system the NSUI staged demonstration by garlanding the ATM machines while also expressed concern on growing problems in banking due to shortage of cash in banks.Eminent those who staged protest includes Sachin Rajak, Moonesh Sonkar, Ashutosh Singh, Karam Tamsetwar, Mohd Ali, Shubham Yadav, Bengo, Yogesh Chakrabarty, Gaurv Abindra, Sumit Khateek, Rahil Pandey, Sanjay Vishwakarma and others.

The government has assured that the issue will be resolved soon.

People across the country are facing problems to take out cash from the ATMs. Bank officials said that people have been withdrawing cash more than they require at the beginning of the month. Over all there is more than adequate currency in circulation and also available with the Banks.

Despite the currency flow going back to the pre-demonetisation levels, people are facing difficulty in withdrawing cash from ATMs.

The notes in circulation on November 4, 2016 - four days before the Union government announced demonetisation of Rs 500 and Rs 1,000 notes - were Rs 17.74 trillion.

As per latest information, the finance ministry has scheduled a meeting with Reserve Bank of India officials to take stock of the situation. We have visited several ATMs today as well, to no avail, ' people in Bhopal said. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", he tweeted. "We are facing difficulty, don't know what to do", they said.

He was referring to news reports of ATMs running out of cash at some places in the state. The biggest financial System further claimed that the situation will normalize in a day or two.

"The government is committed to protecting every depositor in public sector banks and therefore we need not create any fear psychosis", Finance Minister Arun Jaitley had said while replying to a discussion on 'Supplementary Demand for Grants - Second Batch for 2017-18'in Lok Sabha. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore.

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