Twitter reactions: India faces cash crunch as ATMs run dry
- by Nicole Aguilar
- in Markets
- — Apr 17, 2018
ATMs across states in Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana are seeing serpentine lines in front of the ATMs due to cash crunch.
"Overall, there is more than adequate currency in circulation and also available with the banks".
Garg asserted that there was no cash crunch in the country, pointing out that now around Rs 18 lakh crore worth of currency was in circulation - a little over what was in circulation at the time of demonetisation. "There is one solution for it that a proper cash management system be maintained".
An estimated 10-12% of the total ATMs are facing a cash crunch.
Garg attributed this sudden cash demand to localised phenomenon.
People of various cities including Delhi, Varanasi, Bhopal and Hyderabad reported of ATMs are running dry, creating a situation of a severe cash crunch.
■ Nearly double withdrawals by individuals due to the ongoing festive season.
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The Ministry added that both the government and Reserve Bank of India "have taken all steps to meet this unusual demand".
"We have cash currency of Rs 1,25,000 crore right now".
Also, he mentioned that some states may be having more currency while some may be having less currency and that the sudden withdrawal may be since people may have increase the cash withdrawals and so some of the states may have less currency than the others. "The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI. It'll be done in three days".
"There is no cash crunch in the country".
For instance, in states like Andhra Pradesh and Telangana, as The Wire has reported, there is widespread fear among people that they will lose their hard-earned cash if their bank goes bankrupt. "16.5 lakh crore notes were printed & circulated in markets, but where are Rs 2,000 notes going?" In next couple of days, we'll have supply of about 2500 crore of Rs 500 notes per day. Where these notes of Rs 2,000 denomination are going, who are keeping them out of circulation? It should be noted that several people who were using Paytm have now returned to cash after the KYC diktat.
Puneet Sharma, a Lucknow trader compared the situation to that after the government announced demonetisation in November 2016.
Several netizens took to Twitter and expressed their disappointment over the issue. Congress President blamed the govt saying it has destroyed the banking system in the country.
