Demonetisation: Unprecedented demand brings banking to its knees

"Public need not be anxious; need not come over to banks repeatedly to draw and hoard. Cash is available when they need it," RBI said.

By: PTI | New Delhi | Published:November 13, 2016 8:10 pm
demonetisation, 500 notes, 1000 notes, demonetisation banks, banking india, RBI, SBI, ICICI, banks accepting notes, banks exchanging notes, india news, business news Much to people’s dismay, most ATMs remained out of cash on the third consecutive day after they reopened on November 11.

Appeals by Prime Minister and finance minister notwithstanding, frustration and anger among citizens to get their share of valid notes for meeting daily needs swelled as banks tripped with non-functional ATMs and cash running out of branches at many places. Unprecedented rush at bank branches was seen all over the country, with people jostling to get new cash today itself because of a holiday in many parts of the country on Monday.

However, despite standing in queues for hours, many had to return empty handed due to cash shortage. Much to people’s dismay, most ATMs remained out of cash on the third consecutive day after they reopened on November 11.

People in distress started queuing up before the branches across the country right from the day-break itself and the wait to get cash got even longer today. Women and the elderly were the worst sufferers. “I was compelled to go to the bank as I had very little cash, but a huge, frightening queue at the branch sent chills down my spine. But I could gather courage to even stand in the queue,” said Suniti Gupta, an elderly women from Kanpur.

Such tales became quite common. Many people are forgoing their day’s wage to get cash from the branches as daily wagers are almost broke since Rs 500/1,000 notes are not valid currency since Tuesday mid-night. Meanwhile, Prime Minister Narendra Modi asked citizens to bear with the currency crunch for 50 days, saying that was the timeframe needed to rid India’s financial system of corruption through the implementation of the demonetisation scheme.

Regretting inconvenience to people, Finance Minister Arun Jaitely said ATMs would take up to three weeks to get normal. Amid the cash-crunch making people impatient and unruly at the branches, the Reserve Bank said there is enough cash in small denominations available.

“Public need not be anxious; need not come over to banks repeatedly to draw and hoard. Cash is available when they need it,” RBI said.

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  1. A
    Alok Nath
    Nov 13, 2016 at 3:47 pm
    Media and black money people crying, i did not mind it took me 2hrs to get cash, but why should i mind we can stand in queues for movie, temple and train and bus stops so why not in banks. Media has a habit of making hill of small things, media should be banned . I dont find any issue i could pay all bills using my cards.
    Reply
  2. A
    abhishek
    Nov 13, 2016 at 3:43 pm
    this is just political stunt by modi ji, for upcoming embly election. nothing is going to happen to block black money.
    Reply
  3. S
    SKUMAR IYER
    Nov 13, 2016 at 3:27 pm
    Public awareness campaign requires to be taken by the Govt to save people from misleading untruths and half-truths by vested interests / corrupt politicians.
    Reply