Bhubaneswar: With banks and ATMs running out of cash frequently everyday or giving away only higher denomination currency notes, the denizens in the city are worried whether they will have enough cash to meet their monthly requirements in December.
Supply of notes has not been keeping pace with the humungous demand and most ATMs are either shut or run out of cash in just a few hours. Some ATMs are only dispensing the new `2,000 notes, resulting in another piquant situation of shortage of change.
Many people approached their banks Tuesday to know whether they will get enough lower denomination notes in the first week after their salaries are credited.
Although, Centre and RBI claim there is enough cash, majority of bank officials admit to shortage of notes. Moreover, some private banks are yet to receive recalibrated ATM cassettes for the `2000 notes.
“Currently, our ATMs can dispense only `100 notes since we are yet to receive cassettes for `2,000. This results in heavy rush at ATMs and it gets empty in four to six hours,” said a leading private bank manager on condition of anonymity.
According to bankers, an ATM filled with `100 notes alone can serve 60 people (assuming everyone withdraws `2,500) and one with `2,000 notes can serve more than 100 customers. They admit that normalcy can be restored only if there are enough `500 notes.
“Our ATMs have `2000 notes. But when customers realise this, they look for ATMs with lower denomination notes elsewhere. Some of them even approach the banks for change. The situation will get better if RBI circulates more `500 and `100 denomination notes,” said a nationalised bank manager. Although, the Prime Minister has pitched for digital transactions, many senior citizens question its feasibility.
“It is good to have electronic mode of payment. But, here we are forced to go for such an alternative. Sudden swift to virtual mode of payment is highly impractical,” said retired school teacher Sarat Chandra Bhadra. With November coming to an end, many are clueless about how they will pay the bills and buy essential items due to cash crunch.
“We have to pay house rent and other bills in cash. We support government’s move against black money, but nobody is able to spend as per need. Digital money transfer is good but we aren’t able to pay to milkmen, newspaper agents and vegetable vendors,” said Rashmi Mohanty, a house wife.
Jose K Joseph
Post News Network
