ATMs across country go dry, Govt seeks 3 days to fix problem

17 Abril, 2018, 10:55 | Author: Arnold Perez
  • People stand outside a non-functioning ATM in Delhi. Several people complained ATMs were not working and some that were only dispensed Rs 500 notes

"It'll be done in 3 days", Shukla said. "Banks have been told to address the issue immediately", a finance ministry official added. "This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also", he was quote as saying by ANI.

Amid news reports of a cash crunch from some parts of the country, the government on Tuesday said there is adequate currency in circulation and it is addressing a "temporary shortage" in some areas.

Among the worst affected cities are Hyderabad, Bhopal, Surat, Varanasi and Delhi.

People of several states of India, including Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana are facing cash crunch as most of the ATMs in these states are either out of cash or not in service.

The Indian Express reported earlier this month that rumours that the Financial Resolution and Deposit Insurance (FRDI) Bill, proposed last June, will cause losses to depositors in case a bank goes bankrupt has allegedly led to heavy withdrawals. With crucial elections around the corner, the cash shortage in many BJP-ruled states has begun to attract the ire from opposition parties.

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However, the government has time and again assured the Lok Sabha that money of all depositors in public sector banks will be protected and there is no need to create any fear psychosis. He, however, said that there is nothing to worry about and that the economic system of India is still safe and secure. "We have visited several ATMs since yesterday but it is the situation everywhere". Some of the Congress leaders in Madhya Pradesh hit out at the NDA government for cash shortage.

As reports of the cash crunch emerged in Madhya Pradesh, the Chief Minister Shivraj Singh Chouhan alleged a "conspiracy" to create problems.

Automated Teller Machines (ATMs) across various states are running dry with the present situation reminiscent of demonetisation of high-value currency notes one-and-a-half years back. After the demonetisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. Big notes missing. Reminder of #DeMonetisation days.

People in Bhopal say, "We are facing a cash crunch". 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. The situation has been the same for last 15 days. "We have visited several ATMs today as well, to no avail", locals said to ANI.

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