No respite from long queues, many ATMs still out of cash

TIL Desk/Business/New Delhi-There was no respite from long queues for getting cash from banks and ATMs even after a month since the demonetisation of high denomination currency notes was announced by Prime Minister Narendra Modi. Despite the promises made by RBI and the government banks failed to get adequate cash from currency chest to meet the withdrawal pressure on account of pay day.

Faced with the acute shortage of cash, banks have imposed their own limits for withdrawal as low as Rs 2,000 in some cases against the limit of Rs 24,000 per week set by the RBI. Most ATMs ran out of currency, increasing hardship for cash starved people.

Meanwhile, opposition parties observed ‘Black Day’ against demonetisation decision of the government. Parliament was disrupted for the 16th consecutive day as the Opposition continued to engage in sloganeering, demanding a debate on demonetisation under a rule that entails voting.

According to bankers, there was rush due to second round of salary payment and the situation would continue for another 10-12 days. A private sector banker said, although about 95 per cent ATMs have been recaliberated, there is cash shortage due to logistic issue. ATMs are fed only once a day.