Banks turn towards gods, booze to solve cash crisis
- Temple 'hundis' and liquor shops have plenty of cash from customers.
- Cash-strapped banks are asking them to deposit the cash into accounts.
In order to overcome the shortage of cash, Karnataka's banks are turning towards temples and liquor shops in Bengaluru.
Banks are consulting temple trusts and bar owners to consolidate cash, which the banks plan to distribute to its customers.
Most temple trusts open the 'hundi' once in six months or once in a year and spend the money for annual special festivals. Now the banks are urging temple trusts to open their 'hundi' and deposit the cash to their concerned branches.
“Currently all the banks are facing scarcity of currency notes and are persuading the temple trusts, who have accounts in their branches, to deposit the currency notes. The banks are disbursing the same currency notes to their customers," MK Narasimha Murthy, General Secretary, Indian National Bank Employees' Federation (INBEF) told the media.
MK Narasimha Murthy also stated that the banks were looking towards liquor shops also. Currently a majority of new currency notes are being circulated in liquor shops. Every liquor shop is depositing minimum of ₹2 lakh per month to Mysore Sales International Limited (MSIL) accounts. Utilizing this money, it is hoped, will also reduce the shortage of currency.