Cash supply low, Gurgaon banks still running dry | gurgaon | Hindustan Times
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Cash supply low, Gurgaon banks still running dry

gurgaon Updated: Nov 21, 2016 23:46 IST
Kartik Kumar
Gurgaon

Long queues continued on Monday but cash was available only in the morning hours(Parveen Kumar/HT Photo)

Cash-strapped residents who were standing in queues for hours left banks empty handed due to low currency supply from Reserve Bank of India on Monday.

Banks had opened for operations after the weekend but the currency crisis continued as they ran out of cash within a few hours. At several banks, cash dispensing machines also ran out within hours of being stocked while many ATMs are still not functional.

In Sector 14, there was no cash available with the branches or ATMs of ICICI bank, Kotak Mahindra bank and Axis bank. ICICI bank officials had also placed notices outside the bank premises, stating that cash would not be available until Monday evening.

To reduce the crowd, the Sector 22 branch of Oriental Bank of Commerce procured a point of sale mechanism from State Bank of India to dispense cash. Customers could swipe their debit cards and get ₹2,000 notes.

Many bank officials on Sunday had stated concerns over low cash supply and said that the situation wouldn’t improve until Monday evening when the RBI headquarters in Chandigarh would issue more currency.

Residents complained that the majority of ATMs across the city also did not dispense cash.

In the morning, chaotic scenes and long queues were witnessed outside ATMs of Kotak Mahindra, HDFC and Citibank at Galleria Market. These ATMs ran out within an hour of being restocked.

Similar scenes were also witnessed outside ATMs in Sector 30.

“I stood in queues at ATMs of three banks since morning but was still unable to procure any cash. I have to pay my quarterly hostel fees. If I am unable to procure cash by Wednesday, I’ll be forced to vacate my lodging,” Tushar Verma, a student of Delhi University and resident of Uniworld City, said.

Bank officials said that most of the vehicles used to dispense and collect money are being used for inter-district transactions in Palwal, Pataudi, Sohna, Manesar and Sonipat. Banks are sending their private vehicles and officials to collect the cash from the treasury chest.

RP Sharma, the regional manager of Sarv Haryana Gramin Bank, said that cash from RBI is expected to arrive by Monday night.