Severe cash crunch in ATMs in several states

Subhash Chandra Garg

Subhash Chandra Garg

A few people outside ATMs in Delhi said, "We are facing cash crunch".

Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Tuesday claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it. "This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also".

The government has assured that the issue will be resolved soon. "We are facing a situation similar to the government had scrapped 500- and 1000 rupee notes that triggered a cash shortage", he said. There is one problem that some states have less currency and others have more. People are tweeting about the cash-crunch problem.

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Cash-starved customers in large numbers started queuing up outside ATMs and banks since early Tuesday morning to withdraw currency notes from vending machines, but a lot of them were either out of service or had a board notifying "no cash". There are reports from Varanasi as well of people saying there is no cash at ATMs since yesterday.

Senior finance ministry officials, who held a meeting with RBI's currency circulation division, banks and state government officials on Thursday, blamed the shortage of cash to various factors, including mismanagement of cash flow by banks, recalibration of ATMs to support the new currency notes, and logistical issues. "We have visited several ATMs today as well, to no avail". "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", the minister tweeted. "We need to pay for the admission of children and purchase groceries and vegetables", ANI quoted the people of Varanasi. ATMs are not dispensing cash.

While several states across the country have reported instances of ATMs going dry, the government has asked for at least three days to mitigate the lack of availability of currency. The situation has been the same since 15 days. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. "We are facing a cash crunch". Big notes missing. Reminder of #DeMonetisation days. Stating that this is a phenomenon experienced by "all banks" since November 2017, Purnima said, "We are unable to refill ATMs because people are not depositing in banks".

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