Cash glitch at ATMs in many states

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Cash glitch at ATMs in many states!

The cash snag has twinged back after the demonitization according to the recent reports in many states including Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Karnataka,  Maharashtra and Telangana.The Delhites have also been tweeting about the issue of the ATMs either being non-functioning or cashless.

The Hyderabad residents have also claimed to have failed to withdraw any cash from the ATMs from many parts of the city since yesterday. The people from Varanasi have also been lamenting about the same.

According to the reports the financial officers have called upon a meeting with the Reserve Bank Of India(RBI) last Thursday to look into the matter and clout the present ATMs cashless crunch. Finance Minister Arun Jaitley spoke, “overall there is more than adequate currency in circulation…the temporary shortage is caused by a sudden and unusual increase in some areas.”

The Reserve Bank of India has aimed the banks possessing the  surplus cash to assist the other banks, which are facing the shortage of it. It has been revealed that the transactions from the ATMs have also flared up from Rs.3000/- on an average to Rs.5000/- presently.

The present cashless scenario is believed to have brought back the grey memories of the demonetization of November 2016, where the Prime Minister Narendra Modi announced at the midnight that all the old notes will be tossed out. The Congress and the other parties took potshot blissfully againist the BJP; the Congress blurted out mockingly “if it is a gross mismanagement or a planned move”. Mr Sitaram Yechury tweeted ATMs are dry but “only party flush with cash is the BJP.”

Madhya Pradesh Chief Minister, Shivraj Singh Chouhan claimed that the market has been getting devoid of the Rs.2000/- notes and also alleges that it was a well-planned conspiracy.

Mr.Chouhan, while addressing the Farmers’ meeting said,”The currency worth Rs. 15,00,000 crore was in circulation before demonetisation. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. But notes of Rs. 2,000 are missing from the market.”

People in Bhopal have also been grumbling about the ATMs cash-barren situation, revealing the fact to have been facing the same since the last 15 days.

“Where are these notes of Rs. 2,000 denomination going? Who is keeping them out of circulation? Who are the persons creating shortfall of cash? This is a conspiracy to create problems. The government will act tough on this,” he said.

Mr Chouhan has thus, raised a firm voice against this with the centre.

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