Cash crunch continues, set to worsen in first week of Dec

Updated - January 15, 2018 at 11:56 PM.

caash

Rationing of currency has become the order of the day, be it at ATMs or bank branches.

While a good number of ATMs have pulled down their shutters to signify “no cash”, many others simply place an “Out of Service” placard on the teller machine. And wherever there is a noticeable queue, the withdrawal, according to a cross-section of users “is limited to one or two Rs 2,000 denomination notes. Attempts to withdraw Rs 5,000 or more is met with a message that reads:“transaction limit exceeded”.

The shortage of smaller denomination notes, especially the Rs 100 and Rs 500 notes, is still visible, almost three weeks after Rs 1,000 and the old Rs 500 currency notes were withdrawn from circulation.

“Customers are in no mood to accept our persuasion to “adjust” and “draw the bulk amount at a later date”. We received Rs 5 cr (of Rs 500 denomination currency) this morning; this is quite insufficient as we have to distribute it to other branches as well,” the staff of a nationalised bank told this correspondent, preferring anonymity.

The staff was pleading with a customer, an aged person, who refused to return without getting “fresh” (not soiled) small denomination currency.

Meanwhile, some branches have also started to display “No Cash”, “Cash out of Stock”.

“The next one week to 10 days is going to be worse as employees, retirees/ pensioners throng the branches to draw cash. Non-availability of enough cash could lead to a serious problem,” said C. H. Venkatachalam, General Secretary, All India Bank Employees’ Association.

The AIBEA and the Bank Officers' Association have sought the intervention of the Indian Banks' Association to advice the banks to seek proper police protection in branches and security to staff.

“The RBI should ensure adequate supply of currency notes to all banks without discrimination,” Venkatachalam said.

Published on November 30, 2016 11:18