Cash crunch is back as ATMs across India go dry: 10 points

Cash crunch is back as ATMs across India go dry: 10 points

"The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", finance minister Arun Jaitley wrote on micro blogging site Twitter.

Below we have listed 10 developments reviewing the cash situation in India.

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 crore right now".

"News reports say that ATMs around the country are running of out cash".

As per latest information, the finance ministry has scheduled a meeting with Reserve Bank of India officials to take stock of the situation. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. "It'll be done in 3 days", SP Shukla, Minister of State for Finance told ANI.

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Reports of ATMs without cash have been received from several states, including Karnataka, Telangana, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh and Madhya Pradesh. 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.

Automated Teller Machines (ATMs) across various states are running dry with the present situation reminiscent of demonetisation of high-value currency notes one-and-a-half years back. We need to pay for the admission of children and purchase groceries and vegetables, ' said a common man from Varanasi. Complaints of cash crunch have been reported from semi-urban and rural regions of the states. The biggest financial System further claimed that the situation will normalize in a day or two.

People in Delhi told ANI that the few ATMs which were dispensing cash had only Rs 500 notes.

People in Delhi have also been talking about the non-availability of cast at ATMs. ATMs are not dispensing cash.

Addressing a farmers' convention Shajapur, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation. We are facing difficulty, don't know what to do". "I have been taking rounds of ATMs since last three days but cash is still not available. The government will act tough on this", he added.

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