Severe cash crunch in ATMs in several states

The Daily Fix Caste ire Kathua cash crunch – does BJP no longer have its finger on India’s pulse

The FM stated that the ministry has reviewed the currency situation and the shortage is caused due to "sudden and unusual increase" in some areas, which is being tackled quickly.

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".

"We've cash currency of Rs 1,25,000 cr right now". RBI sources have said that "higher than normal withdrawal of cash" in these states have led to acute shortage of cash.

According to reports, officials of the Finance Ministry held a meeting with the Reserve Bank of India to take stock of the situation.

Minister of State for Finance, S P Shukla told ANI that the cash crunch was due to some states having low currency reserves in comparison to others. "It (the shortage) will be solved in 2-3 days", Shukla said.

Automated teller machines (ATMs) have reportedly stayed dry on Tuesday across several states, including Madhya Pradesh, Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Bihar, Uttar Pradesh, Telangana and elsewhere - bringing back the spectre of demonetisation. When the cash shortfall was reported from Andhra Pradesh and Telangana in March, it was attributed by some to a misunderstanding of the Financial Resolution and Deposit Insurance Bill, which had a "bail in" clause where depositors would bear a portion of any losses.

Meanwhile, the RBI on Tuesday formed a committee to tide over the cash crunch crisis that has hit several states in the country. We need to pay for the admission of children and purchase groceries and vegetables, ' said a common man from Varanasi. The situation has been the same since last 15 days.

On Monday, Madhya Pradesh Chief Minister Shivraj Singh Chauhan claimed there was a conspiracy behind Rs 2000 notes disappearing from the market.

In Madhya Pradesh, residents of Bhopal say that the cash crunch is troubling them for the past 15 days. "The government will act tough on this", he said.

Public sector bank executives also said there is a spurt in demand for cash to make payments for agricultural activities as well. Most of the ATMs are not dispensing cash, the ones which are dispensing, have only Rs. 500 notes.

"We have visited five-six ATMs since morning. It will be done in three days". Today, Rs 16.5 lakh crore currency notes have been printed and circulated.

Related News:



Most liked

Boston Bruins: The B's were unable to execute in game 3
The speed was most noticeable in the neutral zone and the skill most particularly on Matthews' game victor in the second period. We know it has been and it will continue to be and we know that they're a tight-checking team; they play hard.

New £60m government fund to tackle global plastic pollution
The trait indicated that PETase may have evolved in a PET-containing environment to enable the enzyme to degrade PET. The scientists generated 3-D imagery to understand how the enzyme works.

Colorado teachers prepare for 'Day of Action'
Berryhill teachers voted to keep the district closed one final day Monday so they could head to the Capitol to advocate. In comparison, Wyoming teachers earn $US58,000 and have a lower cost of living.

Russians targeting routers: US, Britain
The alert came from the Britain's National Cyber Security Centre, DHS and the US Federal Bureau of Investigation. The DHS also recommends people "retire and replace legacy devices" that can't be updated.

MSFT) — Microsoft Corporation (NASDAQ
What is market worth of stock? 162,826 shares were sold by BURROWS CLIFFORD, worth $9.28 million. (NASDAQ:FB) or 55,000 shares. The stock of Microsoft Corporation (NASDAQ: MSFT ) has "Outperform" rating given on Friday, January 27 by RBC Capital Markets.

Wetherspoons deletes all social media accounts after constant 'online abuse'
He said that he does not believe that closing the accounts will have any affect on the business "whatsoever". Wetherspoon had amassed a following of some 44,000 on Twitter and over 100,000 on Facebook.

Footage of Douma Attack Staged, so-Called Evidence is 'Fake' - Moscow
Moscow immediately denied the charge and blamed delays on retaliatory US-led missile strikes on Syria at the weekend. It included a visit to the main hospital to which the victims of the alleged chemical attack where taken.

Miami Heat look to even playoff series
Embiid, as he is wont to do, took to social media in response to the outcome of the game. "I just want the green light to play". This is not the first time Philadelphia has played it safe with Embiid's on-court health.

PM arrives in Stockholm to co-host first ever India-Nordic Summit
Our partnership is based on democratic values and commitment to an open, inclusive and rule-based global order. During Modi's visit, it is also expected to launch an Innovation Association India-Sweden.

Manny Pacquiao's removal of trainer just another ride on the carousel
Muhammad Ali fought and won over Joe Bugner in a rematch in Kuala Lumpur, Malaysia in 1975 winning by unanimous decision. Matthysse, robust and rowdy, wants to send the Filipino legend into retirement in a story that appeared on boxingscene.

Google introducing Snapchat-style self-destructing messages in Gmail
Emails can also be tagged and eliminated from both the recipient's inbox and the sender's sent list after a specified time period. It will give you the option to put a time limit onto an email that you send and after it expires, it will be rendered unreadable.

Donegal beef exports to Chinese market approved
CHINA has made the decision to open its markets to Irish beef following years of unsuccessful negotiations . Kieran Fitzgerald Bord Bia and Ray Li, Chinalight Resources.

Russian Federation warns of 'dangerous' escalation over Syria
A USA official told Reuters news agency the attacks were aimed at multiple targets and involved Tomahawk cruise missiles. The government, however, said evacuations from Douma were ongoing and no Syrian government forces had entered the town.

England win netball gold at Commonwealth Games
England's netball team stunned favourites Australia to take the gold medal in a last-gasp victory at the Commonwealth Games. The leagues in those two countries are professional and their players are so revered that they star in television adverts.

Over 300000 march through Barcelona demanding release of Catalonia leaders
Spanish and German prosecutors met last week at the headquarters of Eurojust in The Hague. The poll surveyed 1,200 people and had a margin of error of 2.8 percent.