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LATEST NEWS UPDATES | Cash crunch continues in many states, but banks say situation improving

Cash crunch continues in many states, but banks say situation improving

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published Published on Apr 19, 2018   modified Modified on Apr 19, 2018
-Hindustan Times

Empty ATMs and complaints reported from Patna to Haridwar.

ATMs in Bihar, Madhya Pradesh, Uttarakhand and Gujarat ran empty on Wednesday, but banks said cash flow had improved a day after people in many parts of India struggled to get money in their hands.

Public lenders State Bank of India (SBI), Punjab National Bank, Canara Bank and privately owned Axis Bank said in separate statements that only few of their ATMs were without cash.

“Availability of cash in SBI ATM has improved in the last 24 hours,” said Neeraj Vyas, DMD (Chief Operating Officer).

Axis Bank said its cash stock was “better than the industry average and there is no such crisis”. “Even if there are cases of ATMs running out of money it is because people from other banks are coming to withdraw money,” said an Axis Bank official.

Bihar deputy chief minister Sushil Kumar Modi said he was confident that the situation will be normal soon though in state capital Patna most of the nearly 1,500 ATMs didn’t have cash.

“I needed cash and so walked for about one-and-a half kilometre but did not find cash in ATMs of different banks,” said Jitendra Kumar, an employee of a private company.

In Jharkhand capital’s Ranchi, ATMs ran dry Wednesday evening because of a spike in withdrawals. “SBI has 174 ATMs in the capital city. There are no shortage of currencies in the ATMs. Due to shortage of high denomination note of Rs 2000, some ATMs are exhausting fast,” said Sunil Kumar Gupta, assistant general manager, Ranchi circle, SBI.

The Reserve Bank of India (RBI), Patna circle, in a press statement, said it “was working tirelessly towards supplying currency notes to all the currency chests situated in Jharkhand and Bihar.”

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Hindustan Times, 18 April, 2018, https://www.hindustantimes.com/india-news/cash-crunch-continues-in-many-states-but-banks-say-situation-improving/story-dYDDH3Uw13nfTUgHtchxsJ.html


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