Queues shorten but banks continue with cash rationing
After 54 days of the demonetisation move, queues outside banks and ATMs have shortened. Residents said they are not returning empty handed, but a majority of the banks are still resorting to cash rationing to cater to the maximum number possible.gurgaon Updated: Jan 02, 2017 23:48 IST
After 54 days of the demonetisation move, queues outside banks and ATMs have shortened. Residents said they are not returning empty handed, but a majority of the banks are still resorting to cash rationing to cater to the maximum number possible.
ATMs in the city have been calibrated for the new notes and a majority of them are stocked with money from time-to-time to cater to the increased withdrawal limit of ₹4,500 per day.
Bankers are claiming that queues have reduced due to improved availability of cash. Residents, however, maintain that queues are shorter because of the shortage of cash and because the banks are issuing tokens so that customers can come to the premises at the appointed time to withdraw cash.
Withdrawal of ₹24,000 is still not being allowed at some banks.
“Cash flow has been restored. Earlier, there was only a rush to withdraw money but now, people have started depositing money as well and this has restored the cycle. Dependence on RBI and currency chests for cash will eventually reduce in a few days,” Ramesh Chandra Nayak, district lead bank manager, said.
However, he said that flow of cash will not be similar as it was before the demonetisation and urged residents to acquaint themselves with cashless transaction modes.
“We are not allowing withdrawal of ₹24,000 in a single transaction to ensure that a maximum number of customers can be served. The cash situation has become better as deposits have also increased,” Sudeep Kumar, manager of a private bank in Sector 31, said.
Prime Minister Narendra Modi had sought 50 days for the situation to normalise. He had urged the public to wait till December-end and complain if the situation did not improve after that.
“There is no cash in ATMs and most of them are closed with shutters down. For withdrawal from banks, we have to either collect tokens in the morning or wait in queues,” Vivek Kumar, a grocery merchant in Sector 40, said.
Corporate employees being provided cash through mini ATMs in their office premises has also led to fewer people standing in bank lines, Nayak said.