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ATMs run out of cash: What Arun Jaitley has to say

17 April 2018

On the other hand, Madhya Pradesh chief minister Shivraj Singh Chouhan claimed that Rs 2,000 notes were vanishing from the market, and alleged that there was a "conspiracy" behind it. Expressing resentment on the banking system the NSUI staged demonstration by garlanding the ATM machines while also expressed concern on growing problems in banking due to shortage of cash in banks.Eminent those who staged protest includes Sachin Rajak, Moonesh Sonkar, Ashutosh Singh, Karam Tamsetwar, Mohd Ali, Shubham Yadav, Bengo, Yogesh Chakrabarty, Gaurv Abindra, Sumit Khateek, Rahil Pandey, Sanjay Vishwakarma and others. "It will be done in 3 days", he was quoted as saying.

"We've cash currency of Rs 1,25,000 cr right now". This is a conspiracy to create problems and state government will take strict action on it. And the only party flush with cash is the BJP: "the people suffer".

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".

In Varanasi, people told ANI, "We do not know what or where the problem is but the common man is facing difficulty as the ATM kiosks are not dispensing cash".

Bankers indicate that the situation is worse in rural centres while urban centres are getting a reasonable cash supply, albeit, it is much less than the actual requirement.

The Reserve Bank of India Tuesday formed a committee to tide over the cash crunch crisis that has hit a few states in the country. "We have visited several ATMs today as well, to no avail", locals said to ANI. "The temporary shortage caused by sudden and unusual increase in some areas is being tackled quickly". The situation has been the same since last 15 days. "We need to pay for the admission of children and purchase groceries & vegetables". However, as several ATMs ran out of cash on Sunday, people ended up running from one ATM to another, to make cash withdrawals and their expenses.

The Manipur government also wrote a letter to the finance ministry apprising them of acute shortage of cash in the state.

Reports of cash crunch at ATMs have brought back memories of November 2016, when Prime Minister Narendra Modi, in a midnight announcement said old notes will be scrapped. "We are facing difficulty, don't know what to do".

"When demonetisation took place, markets were flooded with currency notes worth Rs 15 lakh crore". Big notes missing. Reminder of #DeMonetisation days.

ATMs run out of cash: What Arun Jaitley has to say