Banks in Gurgaon have imposed their own cash withdrawal limits as the rush of the salaried section and pensioners is putting them under immense pressure. Banks are reporting that the supply of currency from the Reserve Bank of India (RBI) has been reduced, whereas the demand has soared.
A large number of people started queuing up outside banks from Monday as their salaries and pensions were credited to their account by the third of December. However, bank employees suggested them to withdraw only Rs5,000-Rs6,000 due to the cash shortage.
On average, a bank branch is getting cash supply of just Rs80 lakh to Rs1 crore per day. The RBI has fixed the withdrawal cap at Rs24,000 per week, but the banks are not allowing customers to withdraw the maximum amount due to the cash shortage.
“I went to three different branches of my bank but they all denied withdrawal of more than Rs6,000 at one go. I need Rs22,000. Does it mean I will have to stand in queue four more times to withdraw my own money?” Vipul Sharma, who runs a transport business, said.
Traders have been allowed to withdraw Rs50,000, but they are unable to do so due to the shortage of cash.
The manager of a nationalised bank in Sector 31 market said, “We are requesting consumers to not withdraw large sums of money in one go. In fact, we are not able to give any consumer the maximum amount as it is being rationed. For the last one week, banks have been running dry and the situation has worsened after the pay day.”
Ramesh Chandra Nayak, the lead bank manager, said that banks have no option but to ration cash so that a maximum number of consumers are catered to. He admitted that there is a currency shortage and said that bankers and RBI are trying their best to increase cash flow. However, he said that it would take few days for the situation to normalise.
ATMs also ran empty on Tuesday. On Monday, 712 of the 1,306 ATMs in the city were out of cash. Banks are demanding Rs2,000 crore per day, but are getting less that half the amount.