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ATM cash crunch reported in many states, Arun Jaitley says problem temporary

17 April 2018

"We have been unable to withdraw cash from ATMs as the kiosks, in several parts of the city, have run out of cash".

ANI reported that most of the ATMs in Vadodara, Gujarat were out of service and quoted a local saying that he could only withdraw Rs 10,000 from one working ATM, after spending a lot of time in the queue.

SP Shukla, Finance Ministry official, said that RBI has formed a committee to transfer currency from one state to cash-crunch hit states.

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People across the country are facing problems to take out cash from the ATMs. He alleged a "conspiracy" to create a shortage of cash in the state, where assembly elections will be held later this year, by keeping the highest denomination notes out of circulation.

'We are facing a cash crunch. "We need to pay for the admission of children and purchase groceries and vegetables", said a person in Varanasi. The situation has been the same for 15 days. While the growth in currency has been nearly flat (compared to the day before demonetisation), the need for currency has shrunk considerably because of the high level of digitisation.Cash crunch in ATMs may also be the result of a slowdown in deposit growth. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", he tweeted. Many problems have occurred due to lack of currency.

Residents in Madhya Pradesh capital Bhopal have said many ATMs have had no cash for 15 days.

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Meanwhile, a committee has been formed by the government to address the problem of currency shortage in certain states and according to the Minister of State for Finance Shiv Pratap Shukla, the issue would be resolved in next 2-3 days. 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.

The Congress, from its official Twitter account, is running a poll asking people whether the situation is a "gross mismanagement by the government" or "a deliberate move". At a farmers' convention on Monday, the chief minister said that Rs 2000 currency notes are missing from the market even as the notes in circulation are more than pre-demonetisation.

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ATM cash crunch reported in many states, Arun Jaitley says problem temporary