Demonetisation fallout: Tricity banks still receiving 40-50% less cash than demand | punjab$chandigarh | Hindustan Times
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Demonetisation fallout: Tricity banks still receiving 40-50% less cash than demand

Nearly a month after Prime Minister’s demonetisation announcement on November 8, the situation on ground has not improved much. Banks continue to receive 40-50% less cash than the demand, as a result most of the automatic teller machines (ATMs) are dry and people are left harassed.

punjab Updated: Dec 07, 2016 13:33 IST
HT Correspondent
People outside State Bank of India and adjoining ATMs on Tuesday.
People outside State Bank of India and adjoining ATMs on Tuesday. (Ravi Kumar/HT Photo)

Nearly a month after Prime Minister’s demonetisation announcement on November 8, the situation on ground has not improved much. Banks continue to receive 40-50% less cash than the demand, as a result most of the automatic teller machines (ATMs) are dry and people are left harassed.

“The Reserve Bank of India (RBI) is giving us money, but the problem is occurring because of the demand and supply mismatch. Supply of cash by the RBI does not match the demand of customers. There is a problem for sure,” said a senior officer of the HDFC Bank.

“There is no improvement in the situation. Cash is being provided by the RBI, but it is not as per the requirement. Supply is there, but it is not as per the demand. As per my observation, the supply is 40% less than the demand,” said a senior officer of the State Bank of India (SBI).

Because of little supply of cash, most of the ATMs are without cash. The ATMs in Sectors 27, 28, 30, 20 were out of cash. At bank square, hardly two-three ATMs were functional.

“My number was 192 in the line, but the cash got over after the 30th customer only,” said a professor from Panjab University (PU).

Long queues can be seen outside a few functional ATMs. “I have to stand in queue for at least an hour daily as I have to meet my expenses. It is very difficult as not all ATMs are functioning. It has become a routine task to search for ATMs with cash,” said Sonal Dua, a student.

“There was some logistics issue on Monday, due to which many ATMs were dry. But today (Tuesday), we have received enough cash and all ATMs are dispensed with cash,” said another officer from SBI. There are 230 ATMs of SBI in the tricity. Out of these, 5-6 ATMs have Rs 100 notes and other have new currency.

Officials from central bank informed that the supply improved on Tuesday. Nearly 50% ATMs of central bank are functional.