ATMs Across India Are Reporting Cash Crunch

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    People across the country are reporting a cash crunch in ATMs in their locality today. There have been complaints from states of Maharashtra, Andhra Pradesh, Karnataka, Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh and Telangana. Delhi residents have also been tweeting about the non-functioning of ATMs as well as the absence of cash in those that are working.

     

    Cash Crunch in Hyderabad

    News agency ANI have interviewed people in Hyderabad that have informed them that they were unable to withdraw cash from yesterday. The city of Varanasi has also been facing the same issue.

    The cash crunch has mainly affected small towns and cities whose businesses mainly run on cash. The situation seems to be similar to that of the demonetization days.

    Insufficient supply of cash

    Various news reports say that the cash crunch in ATMs has been due to the mismatch in demand and supply of cash in many states. Banks in Gujarat have raised complaints about not receiving enough cash from RBI.

    There has been a shortage in the supply of Rs 2,000 notes say media reports. The notes haven't been supplied by RBI to banks since September 2017. The customers too haven't deposited them into banks.

    Bankers believe that Rs 2,000 notes might be hoarded.

     

    FM Arun Jaitley Reacts

    In reaction to the cash crunch situation, Finance Ministry Arun Jaitley said that there has been sufficient supply of cash to banks. The shortage is to be blamed on the sudden increase in the number of cash withdrawals in parts of the country affected by it.

    SP Shukla, Mos Finance, said that Rs 1,25,000 crore is in circulation across the country but some states have received more cash than the other states. He further said that the problem will be fixed in three days.

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