Cash crunch: Day 10; No respite from queues in tricity, rural areas worse hit
Although normalcy returned in banks on the 10th day after demonetisation of Rs 500 and Rs 1000 banknotes, there was no respite from queues in the city’s main sectors, especially the bank square in Sector 17.punjab Updated: Nov 19, 2016 16:53 IST
Although normalcy returned in banks on the 10th day after demonetisation of Rs 500 and Rs 1000 banknotes, there was no respite from queues in the city’s main sectors, especially the bank square in Sector 17.
While the situations at early mornings and evenings are still better, ATMs can be seen crowded during the lunch hours. As people continue to stand in long queues waiting for their turn to enter the bank or to withdraw money, they complained that banks were supposed to set up additional counters for the convenience of people but to no effect.
Meanwhile, the residents in the periphery areas including Sarangpur, Dhanas and Maloya said that there were major hassles while withdrawing money on the first five days but now, the crowd outside ATMs has dipped.
Exchange your currency at petrol pumps
City petrol pumps have come up a new system from Friday onward where one can get refueling done for Rs 500 and get new Rs 500 or Rs 100 currency in return. An official at the petrol pump in Sector 17 said, “The customer will get the new banknote only if he/she gets the vehicle filled up with fuel worth Rs 500. This shall continue till November 24.”
Mobile van at PU students’ centre
State Bank of India has put up a mobile van at the students’ centre to enable students to withdraw money easily. For the PU students, facility of depositing fees through I-collect (on-line net banking) is available. Besides this, students having accounts with SBI can deposit their fees at the SBI fee counter using old bank notes of Rs 500 and Rs1,000. The last date for depositing the fee is November 30, 2016.
Rural areas suffer under-cash crunch
The shrinking lines outside banks indicate the situation is easing out in urban areas while the residents are still suffering in the rural belts.
Though long queues were seen outside ATMs in SAS Nagar in various markets, ever since the banks had decided to use inedible ink for people coming to exchange money the lines have shrunk.
The worst affected are farmers who have accounts with co-operative banks as the banks are only giving Rs1,000 to each persons and these banks too run out cash within minutes of opening.
“On Friday the co-operative banks started allowing withdrawal of Rs 1,000 but we got money after standing in line for two hours,” said Sheela Devi staying in Jagtpura.
“In villages in Dera Bassi and Kharar, the banks do not even have forms available,” said another resident Sakuntala, who said she does not even have money to pay rent.