Cash crunch back again to haunt public?
- Tuesday’s payday for approximately 560 million factory workers across the nation could also be the reason for which ATMs are not left with cash.
- Till date lakhs of workers in several sectors are paid in cash.
FollowThe demon of demonetisation has somehow made its way back as most of the ATMs in India are running dry. The bank officials stated that post demonetisation people have been withdrawing large amounts of money in the beginning of the month and thus one-fourth of the ATMs are left with no cash at all.
Apparently, Tuesday’s payday for approximately 560 million factory workers across the nation could also be the reason for which ATMs are not left with cash. Till date lakhs of workers in several sectors are paid in cash.
However, the bank officials have affirmed that this latest cash crunch will be over by February 10.
“Typically, the salary cycle is on till about the 8th of any month... ATM functioning is near-normal and there has been no major problem, banks have ensured there is enough cash for ATMs,” president of the Cash Logistics Associations, Rituraj Sinha was quoted as saying by the Hindustan Times.
The banking officials have also stated that the situation is under control and is much better than what it was back in November and December 2016. However, still 25-30% ATMs are out of cash currently and this situation will be fixed soon as well as promised by the bankers.
“There is significant cash constraint even today and people especially those who are working in the unorganised sector are once again going through a lot of pain. Many ATMs still don’t have cash,” said CH Venkatachalam, general secretary of the All India Bank Employees’ Association.
