Demonetisation redux? With ATMs running dry, cash crunch hits parts of country

[Kool_SRG]

Even today many states are facing a severe cash crunch as many ATMs are not dispensing cash and not enough currency notes available.

Moneycontrol News

Nearly five months have passed since Prime Minister Narendra Modi announced the historic demonetisation move and after a gradual pickup in the cash in circulation in the economy, it seems a liquidity crunch again seems to be taking hold in some parts of the country.

Anecdotal reports from many states suggests that due to a combination of factors, people have been struggling to obtain adequate cash from either ATMs or bank accounts.

The worst hit seem Andhra Pradesh and Telangana where many ATMs have run dry. People in Hyderabad have been left stranded as several ATMs across the country displayed a no-cash board.

According to a report in Business Standard, a State Bank of India official said that the supply of currency from RBI was far less than the demand. RBI has been supplying Rs 50 crore daily, whereas the demand was Rs 250 crore.

The Kerala government yesterday said the salary and pension distribution to its employees were disturbed by the shortage of currency in treasuries, as per a PTI report.

Kerala Finance Minister T M Thomas Issac said that the Reserve Bank of India (RBI) has not distributed enough notes and the salary and pension for the month of April even after the government has funds for the disbursements.

A similar scene was witnessed in Mumbai over the last weekend, which happened to be the financial year-end as well as an extended holiday.

President of the Cash Logistics Association of India, Rituraj Sinha, told a newspaper that ATMs ran dry because of the holidays and the year end.

A Moneylife report said that immediately after demonetisation, the RBI had started airlifting cash stock directly from its printing presses but stopped the practice after December 31 as cash supply increased.

What may have also aggravated the situation were recent rumours that the government may withdraw Rs 2,000 notes, something that could have resulted in a rush for acquiring more Rs 500 notes, according to Moneylife's analysis.

The rise of a liquidity crunch contrasts with official RBI data, which suggests the total currency in circulation by the end of March 2017 has risen to Rs 13.12 lakh crore (against a low of Rs 7.8 lakh crore immediately after the cash ban and Rs 16.63 lakh crore a year back).

RBI Deputy Governor Viral Acharya said last month the process of replacing currency would take another 2 months.

[Kool_SRG]

This is by no means a created news but really facing from last 2-3 days my father facing this issue...One of uncle is yet to get pension deposited in his account, don't know whats happening....

 

[Kontekurradu]

13 minutes ago, Kool_SRG said:

This is by no means a created news but really facing from last 2-3 days my father facing this issue...One of uncle is yet to get pension deposited in his account, don't know whats happening....

 

all beacuse og Modi rey 

[Kool_SRG]

1 minute ago, Kontekurradu said:

all beacuse og Modi rey 

 

Alani analemu gaani RBI yet to reach up to required mark on currency flow...

[Hitman]

They are doing it on purpose to force people using electronic methods.

[Kool_SRG]

6 minutes ago, Hitman said:

They are doing it on purpose to force people using electronic methods.

Em Intentionally doing endo 

[Kontekurradu]

Just now, Kool_SRG said:

Em Intentionally doing endo 

manaki koncham kuda noppi vundakudadu, but ani change ayipovali 

[lazybugger]

Just now, Kontekurradu said:

manaki koncham kuda noppi vundakudadu, but ani change ayipovali 

abbo. idhi antha Modi gaadi master plan antav. anthe ga? lol.

[lazybugger]

Modi gaadu 5d chess aaduthunnadu economists tho. demonetization andulo opening move anna maata.

but manodiki maamulu chess ae anthantha maatramey.

 

[Kool_SRG]

3 minutes ago, Kontekurradu said:

manaki koncham kuda noppi vundakudadu, but ani change ayipovali 

Change avocchu maree inta sepa already 5 months plus ayyayi...Seppatam matuku 50 days ani septunde...

[lazybugger]

ippudey em choosaav. pichhar abhi baaki hai.

Modi gaadu India ni complete m gudipey daaka, opponent resign chesina vadhaladanta.

[lazybugger]

2 hours ago, Kool_SRG said:

Alani analemu gaani RBI yet to reach up to required mark on currency flow...

avunu Modi gaadey ani seppachu ga. don't feel shy, man.

modi fans antha complete matter telisi vaadini poguduthunnara endhi? idhi kooda anthey. emi teliyaka poyina, Modi ni banda boothulu thitti pettaali. future lo panikosthundi.

may be you are not anti-Modi. which is sad.

 

[age_21]

3 hours ago, Kool_SRG said:

This is by no means a created news but really facing from last 2-3 days my father facing this issue...One of uncle is yet to get pension deposited in his account, don't know whats happening....

 

same with my family, I deposited money but parent can't withdraw 

[age_21]

56 minutes ago, Hitman said:

They are doing it on purpose to force people using electronic methods.

but this not right way to do it, they need put schems where discounts applied 

 

again if you use you card  will be server surcharge 

[lazybugger]

2 minutes ago, age_21 said:

but this not right way to do it, they need put schems where discounts applied 

 

again if you use you card  will be server surcharge 

temporary burden we have to bear man. for future ram rajya.

where women will be burned to prove their piety, and dalits and muslims will be lynched if they open their mouth. That awesome india is coming, brought to you by Modi.