Culture&Arts

Demonetisation deja vu: Cash crunch hits multiple states as ATMs run dry

Demonetisation deja vu: Cash crunch hits multiple states as ATMs run dry

RBI report show that the currency in circulation in the country has reached the pre-demonetisation level of about Rs 17 lakh crore.

A senior officer of the State Bank of India in Bhopal, who asked not to be named, told Hindustan Times, "Hoarding of notes is taking place in a large number especially of Rs 2,000 denomination notes". "We have been unable to withdraw cash from ATMs as the kiosks, in several parts of the city, have run out of cash". The government has reportedly claimed that the lack of currency notes could be due to high demand of cash during Baisakhi, Bihu and other harvest festivals. "In Gujarat, the currency chests were not getting adequate supply of cash from the RBI", said an executive director of a public sector bank. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other.

The Manipur government also wrote a letter to the finance ministry apprising them of acute shortage of cash in the state. A certain provision in the proposed Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 sparked a rumour that the money would not be safe in banks if the Bill became a law. Currency notes in circulation are now at Rs 18.04 trillion.




To take a stock of the situation, the Reserve Bank of India on Tuesday formed a committee to tide over the cash crunch crisis that has hit a few states in the country. Chhattisgarh chief minister Raman Singh said his state "like many other states, has been affected by a cash crunch". Even though the government clarified that there could be no such outcome, the rumour drove people to ATMs and bank branches to withdraw money, according to a report on economictimes.com.

Addressing a farmers' convention Shajapur, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". During the same period, bank credit grew 10.3% compared to 8.2% in the comparable period in the previous year.

In UP capital Lucknow, two ATMs near the RBI office in Gomti Nagar have no cash in them. These include ATMs of both nationalised and private banks. Bankers, however, have urged customers against accelerated withdrawals from their savings bank accounts and deposits.


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