- Throughout the country, there have been reports of ATMs sporting the ‘No cash’ sign
- The city ATMs aren't likely to be dispensing cash anytime soon.
Lining up in front of ATMs in the city and only to be met with the ‘out of cash’ sign or ‘temporarily unable to dispense cash’ message can be quite disappointing. It definitely does bring back unpleasant memories of the demonetisation period when long queues in front of banks and ATMs were the norm.
Throughout the country, there have been reports of ATMs sporting the ‘No cash’ sign and this has been going on since the start of April. After the ending of the financial year on 31 March, several banks began facing cash shortage from 1 April which they attributed to year-end closing.
While this was going, industry experts weighed on the situation and pointed out that all this sudden shortage of cash at ATMs could be a ploy to direct, rather shepherd, the public to go digital and opt for digital transactions.
A recent report in the Bangalore Mirror have quoted senior bank officials as agreeing to what experts have been saying. The report claims this is a planned move by the Centre and RBI to facilitate the Digi Dhan Mela. They also said that the ATMs aren't likely to be dispensing cash anytime soon.
Bank officials have been quoted as saying that even the number of ATMs will be cut down in the future. Some have said there isn’t money being given to them by the RBI while a senior official from a nationalised bank has been quoted as saying that they would not like to serve customers from other banks at their ATMs as they too withdraw money from there.
In Bengaluru, the no money scene, like elsewhere, is harrowing. The Rs 2000 note still does not have many takers in the city. Getting change for a Rs 2000 note is quite time-consuming and embarrassing to the point that some people refuse taking it outright suspecting its genuineness. More so, not at all shops, are equipped with card swiping machines, especially small roadside vegetable vendors or other kiosks.
Labourers require payment in cash etc and all these needs do not come on a daily basis to always have cash on your person. With ATMs running dry, long lines and inconvenienced customers is what one is getting to see. This move of encouraging people to go cashless is being seen as a dangerous way of the government keeping track records of our transactions and teaching us where and how to spend our money.
Last Updated 31, Mar 2018, 6:50 PM IST