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In Mumbai: Banks dispense cash in Rs10 and Rs20 denominations

After the commotion that ensued because of the demonetisation that hit the country on November 8, banks in the city are facing another hurdle. They seem to be running out of 100-rupee notes

mumbai Updated: Dec 07, 2016 22:48 IST
Akash Sakaria
Adding to the misery of people waiting outside in queues, some banks have started giving away cash in the denominations of Rs10 and 20.
Adding to the misery of people waiting outside in queues, some banks have started giving away cash in the denominations of Rs10 and 20.(HT File Photo)

After the commotion that ensued because of the demonetisation that hit the country on November 8, banks in the city are facing another hurdle. They seem to be running out of 100-rupee notes.

Adding to the misery of people waiting outside in queues, some banks have started giving away cash in the denominations of Rs10 and 20.

“This is the limit. We are getting money in Rs 10 and Rs 20 denominations if we want Rs 1,000. Else we get 2,000-rupee notes. There is nothing in between,” said Raghav Patra, a Kandivli resident, adding, “What do we do if we have to buy something for Rs 300? We have to go about with bundles of Rs10.”

Patra was standing in a queue outside a bank in Kandivli.

Barring a few private banks which offered Rs 100 and Rs 500 notes, many national and cooperative banks dispensed low denomination notes.

Anmol Ghori, a Goregaon resident, said that the situation had been such for two days now.

“Another problem has come to the fore. Even notes of Rs 100 seem to be falling short in circulation,” Ghori said, adding, “We are being tested with all sorts of experiments.”

A month after the decision was taken to scrap Rs500 and Rs1,000 notes, people feel the situation is far from being normal. “The month is closing in and they seem to have run out of Rs100 notes in the financial capital of the country. How much can worsen? But if we look at the larger picture, how bad will this prove for them in the elections?” said Kirit Khairnar, a Parel resident.

Though the queues outside banks and ATMs seem to be getting shorter, some people said that the situation has not improved.

“You cannot say that the situation has improved just because the queues are shorter. It can also mean that banks are not providing appropriate service and are working on their own terms instead,” said Ameya Bhaskar, a management student who was waiting in a queue at a bank in Parel. “Higher authorities might be playing a part in it. Money is not flowing down to us. It gets stuck midway.”

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