The Sarva Haryana Gramin Bank that mostly caters to the farming community and rural populace has run out of money in Gurgaon district as the bank has not received currency from the Reserve Bank of India (RBI) in the last five days.
The RBI allocated only ₹5.5 crore currency to the bank after the demonetisation announcement on November 8 and the amount was exhausted by November 12, RP Sharma,the bank’s regional manager in Gurgaon, said.
Since November 9, the bank received ₹26 crore in the demonetised ₹1,000 and ₹500 notes as deposits. However, there is a paucity of fund for exchange and withdrawal as banks cannot use the deposited notes now, he said.
The bank has 56 branches in Gurgaon with 4.5 lakh accounts.
“Allocation to our bank (from the RBI) has been very less. We have apprised RBI officials of the situation and some relief is likely in a day or two,” Sharma said.
He said most residents of rural areas and farmers have accounts in the bank and they were feeling let down as there is no cash in any branch of the bank.
The currency chest of the bank in Gurgaon has a capacity of storing ₹90 crore but the amount has been exhausted. The bank has raised a demand of ₹20 crore currency every third day to meet the demand in Gurgaon district, official sources said.
The bank has 625 branches with 48 lakh accounts across Haryana.
“I have been visiting the branch since November 11 to exchange ₹3,500 and withdraw some money for household expenses. Every day, I hear from officials that no cash has come yet,” Sundar Yadav, a trader from Khandsa, said.
Majority of other nationalised as well as private banks also reported shortage of cash. Cash availability was negligible in the Corporation bank, Oriental Bank of Commerce, Punjab National Bank, Syndicate Bank, and Punjab and Sindh Bank on Thursday.
Gurgaon has a total 715 branches of various banks. Of these, six banks with 239 branches have currency chests with cash holding capacity of ₹3,213 crore. According to lead district manager’s office, all banks require more than ₹5,400 crore cash currency on every second and third day to meet the increased currency demand after the scrapping of ₹500 and ₹1,000 notes.