Cash shortage as closing of financial year, bank holidays leave ATMs dry

The cash shortage continued on Monday with customers who visited the ATMs of some public and private sector banks in different parts of the city complaining of empty machines.

By: Express News Service | Mumbai | Published:April 4, 2017 1:12 am
cash shortage, cash crunch, bank holidays, ATMs dry, no cash, Automated teller machines, india news, indian express news People wait for their turn at an ATM. (Source: Dilip Kagda)

Automated teller machines (ATMs) of some banks went dry in the city during the weekend as the two bank holidays – Saturday and Sunday — coincided with the annual closing of the accounts of the banks. The cash shortage continued on Monday with customers who visited the ATMs of some public and private sector banks in different parts of the city complaining of empty machines.

With Tuesday being another bank holiday, disruption in cash vending was likely to continue for one more day. The State Bank of India, however, denied that there was cash shortage in its ATMs. “Our ATMs are functioning normally. No cash shortage was reported from any region,” said an SBI official.

Cash logistics companies, which transport currency notes to different ATMs on behalf of banks, admitted there was a “minor disruption”. “There is no shortage of cash but just a minor disruption as the financial year closing was followed by two holidays. The situation will be corrected by tomorrow,” said Rituraj Sinha, President of Cash Logistics Association of India. The RBI had removed the weekly restrictions on withdrawal of money through ATMs last month.

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