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ATM cash crunch LATEST updates: Govt meets PSBs, says most ATMS will be operational within 24hrs

Several parts of Andhra, Telangana, Madhya Pradesh, Bihar, Uttar Pradesh, Punjab and Chhattisgarh and poll-bound Karnataka have been reporting cash shortages at ATMs.

FP Staff April 18, 2018 14:00:42 IST
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ATM cash crunch LATEST updates: Govt meets PSBs, says most ATMS will be operational within 24hrs

Highlights

13:47 (ist)

Cash crunch to continue for next 5-7 days 

Financial Services Secretary Rajiv Kumar said that the cash crunch in various parts of the country will be normalised in five to seven days, Business Standard reported. 

The currency chests of the Reserve Bank of India have cash worth Rs 1.75 billion, which will be moved to ATMs across the country. 

12:44 (ist)

Govt halts printing of Rs 2000 notes 

Department of Economic Affairs secretary Subhash Garg said that Rs 2000 note is not being printed for the past few days. He, however, added that this does not affect the overall supply of Rs 2,000 notes, Deccan Chronicle reported. 

The government suspects Rs 2,000 notes were being hoarded and it plans to increase five-fold the printing of Rs 500 notes. 

"Very soon, in the next couple of days, we will have a supply of about Rs 2,500 crore worth of Rs 500 notes per day. In a month, supply would be about Rs 70,000-75,000 crore. These notes alone can more than meet the demand of any month," Garg was quoted as saying by PTI.

10:03 (ist)

Govt has asked to waive cash handling charges, says Bank of India CEO 

Bank of India CEO Dinabandhu Mohapatra told CNBC TV-18 that the cash situation is under control and banks have adequate cash. "The government has asked to waive cash handling charges levied by banks," he said. 

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Apr 18, 2018 - 13:47 (IST)

Cash crunch to continue for next 5-7 days 

Financial Services Secretary Rajiv Kumar said that the cash crunch in various parts of the country will be normalised in five to seven days, Business Standard reported. 

The currency chests of the Reserve Bank of India have cash worth Rs 1.75 billion, which will be moved to ATMs across the country. 

Apr 18, 2018 - 14:12 (IST)

Maharashtra govt says no cash crisis in state

Maharashtra government has not received any reports of cash crunch in the state, finance minister Sudhir Mungantiwar said on Tuesday but added that the
Reserve Bank has been requested to provide details of the prevailing cash situation in the state. 

"As of now, we have not received any complaints of cash shortages at ATMs in the state. However, this may be due to people not registering a complaint with us. Yet, if we receive any complaint, it will be taken up seriously," Mungantiwar told PTI.

Apr 18, 2018 - 12:54 (IST)

Banks, cash management firms blame the central bank for cash shortage

Bankers are reportedly not getting the full indent from the Reserve Bank of India (RBI) and hence they are unable to meet the demand of ATMs. According to Moneycontrol, there have been issues with the raw materials like ink and paper which has restricted currency printing. 

Apr 18, 2018 - 12:44 (IST)

Govt halts printing of Rs 2000 notes 

Department of Economic Affairs secretary Subhash Garg said that Rs 2000 note is not being printed for the past few days. He, however, added that this does not affect the overall supply of Rs 2,000 notes, Deccan Chronicle reported. 

The government suspects Rs 2,000 notes were being hoarded and it plans to increase five-fold the printing of Rs 500 notes. 

"Very soon, in the next couple of days, we will have a supply of about Rs 2,500 crore worth of Rs 500 notes per day. In a month, supply would be about Rs 70,000-75,000 crore. These notes alone can more than meet the demand of any month," Garg was quoted as saying by PTI.

Apr 18, 2018 - 12:28 (IST)

CATMI says banks not getting enough cash from the RBI

The Confederation of ATM Industry (CATMI) says that states like Maharashtra, Madhya Pradesh, Gujarat, Karnataka and Telangana are facing an acute shortage of cash. The confederation is yet to ascertain the reasons behind the crunch but it thinks that it might be due to banks not getting enough cash from the RBI. 

According to The Economic Times, bankers are concerned that people may start hoarding cash over fears that the cash shortage will last longer. 

Apr 18, 2018 - 12:20 (IST)

Bank of India says cash situation is under control 

Apr 18, 2018 - 12:13 (IST)

Govt says most of the ATMs will start working within a day

Apr 18, 2018 - 12:01 (IST)

Congress leader Ashok Gehlot says govt has ruined banking system 

Apr 18, 2018 - 11:55 (IST)

Congress blames Narendra Modi govt for cash shortage 

Apr 18, 2018 - 11:24 (IST)

'Cashless India taken to another level': AAP takes a dig at Narendra Modi govt

Taking a dig at the Narendra Modi government, the Aam Aadmi party on Wednesday shared a cartoon on Twitter and said that with the ATMs in several states reportedly drying up, the Centre has taken 'Cashless India' to another level.

ATM cash crunch latest updates: The central government is holding a conference with the public sector banks over cash crunch. The centre says most of the ATMs will start working within a day.

The Aam Aadmi Party took a dig on Wednesday over the cash crunch across India and said that the Narendra Modi government has taken 'Cashless India' to another level.

Congress president Rahul Gandhi had on Tuesday said that the "terror of noteban" has once again gripped the country due to the reported shortage of cash in several states and accused prime minister Narendra Modi of destroying the country's banking system with his demonetisation decision.

Meanwhile, Bank of India CEO Dinabandhu Mohapatra said that the cash situation is under control and that the central government has directed it to waive cash handling charges levied by banks.

Finance Minister Arun Jaitley said on Tuesday the "temporary shortage" in certain states is being "tackled quickly" and that there is "more than adequate" currency in circulation. However, Several parts of Andhra Pradesh, Telangana, Madhya Pradesh, Bihar, Uttar Pradesh, Punjab and Chhattisgarh and poll-bound Karnataka have been reporting cash shortages at ATMs and banks

Maharashtra government has not received any reports of cash crunch in the state, finance minister Sudhir Mungantiwar said today but added that the Reserve Bank has been requested to provide details of the prevailing cash situation in the state.

"As of now, we have not received any complaints of cash shortages at ATMs in the state. However, this may be due to people not registering a complaint with us. Yet, if we receive any complaint, it will be taken up seriously," Mungantiwar told PTI.

"Government has also requested the RBI to provide the details of the prevailing cash situation at ATMs. We will get the report by Thursday, only then we will able to say if at all there is a cash crunch or not," he added.

Several parts of Andhra, Telangana, Madhya Pradesh, Bihar, Uttar Pradesh, Punjab and Chhattisgarh and poll-bound Karnataka have been reporting cash shortages at ATMs and banks for some time now, but Union finance minister Arun Jailey on Tuesday blamed this to an unusual spurt in demand in the past three months.

Denying that there is any shortage of currency in circulation, Jaitley said the "temporary shortage" in certain states is being "tackled quickly" and that there is "more than adequate" currency in circulation.

"Overall there is more than adequate currency in circulation and also available with the banks. The temporary shortage caused by 'sudden and unusual increase' (in demand) in some areas is being tackled quickly," he tweeted.

Updated Date:

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