Cash crunch: Chandigarh banks face payday test
Ahead of the pay day, long queues could be seen outside a few ATMs that were functional across the city on Wednesday. Bank officials are bracing for a rather chaotic scenario on Thursday and have demanded more money from the Reserve Bank of India (RBI).chandigarh Updated: Dec 01, 2016 21:49 IST
Ahead of the pay day, long queues could be seen outside a few ATMs that were functional across the city on Wednesday. Bank officials are bracing for a rather chaotic scenario on Thursday and have demanded more money from the Reserve Bank of India (RBI).
The last day of the month did not witness much rush inside the banks, but serpentine queues were seen outside ATMs. The city is grappling with the issue of cash crunch with a large number of ATMs gone dry. Most affected are the southern sectors.
In Sector 37-D, there are more than 6 ATMs, including those of PNB, ICICI, Oriental Bank, Yes Bank, Central Bank and HDFC. But only one ATM of HDFC bank was functional, with a long queue outside.
“I have to give rent of my PG accommodation, but most of the ATMs were out of cash. I live in Sector 36 and have visited nearly seven ATMs, but none had cash. Finally, I found one functional at Sector 37,” said Yukta, a student.
“There is no cash in the ATMs for the past 4-5 days. None of the ATMs, except one, is functional,” said a security guard, deployed outside a private bank.
At the Bank Square in Sector 17 too, most of the ATMs had gone dry.
Meanwhile, bankers were preparing for long working hours and heavy rush on Thursday as people get their salaries on the first day of the month.
The daily withdrawal limit from ATM is of Rs 2,500 and weekly cash withdrawal limit is Rs 24,000.
“We are hardly getting 35-40% of our total cash requirement from the RBI. The next week will be hectic and we are fully dependent on the cash supply from the RBI,” said an official of a private sector bank.
A Bank of India (BoI) official said, “There are more than 100 branches of our bank across the city and Haryana. We need over `100 crore to meet the demand. We never get full amount and get roughly 30% of the demand.”
“We are expecting chaotic conditions for the next ten days, but we are ready for it. ” said an official from SBI.
“The next ten days will be crucial because people will rush to banks to withdraw salaries. We are making arrangements accordingly. We have demanded around `2,000 crore to meet the demand for at least four days,” he said.