Banks see big rush on pay day; many ATMs still dry

Making matters worse, a large number of ATMs are still dry even 23 days after the government scrapped 500 and 1000 rupee notes earlier this month to crack down on black money.

By: PTI | New Delhi | Published:November 30, 2016 9:44 pm
pay day, demonetisation, no cash, cash crunch, salary day, pay day rush, withdrawal limit, bank withdrawal limit, prepaid cards, pension, salary, atm withdrawal limit, arun jaitley, indian express news, india news, banking The queue outside a bank in Hyderabad.

With tomorrow being the pay day, banks are gearing up to face a huge rush as people will queue up at branches across the country to withdraw salaries amid the ongoing cash crunch following demonetisation. Making matters worse, a large number of ATMs are still dry even 23 days after the government scrapped 500 and 1000 rupee notes earlier this month to crack down on black money. Top government officials say special efforts are being made to pump in additional cash into banks to meet the heavy demand for currency notes on account of salary withdrawal.

The Reserve Bank has been asked to ensure adequate supply of new Rs 500 notes at banks and currency printing presses are working overtime to print them, the official said, adding that there is a lag of 21 days for printed notes to reach markets. Bankers fear heavy rush at the branches for a week as many ATMs are still not functional. Banks may have to lower the withdrawal limit as there is limited cash coming from RBI, said an official from UCO Bank.

People are likely to throng at bank branches on December 1 as central and state governments credit salaries and pensions to millions of accounts. At the central level alone, there are around 50 lakh employees and 58 lakh pensioners. Bankers said the government’s move last week to provide Rs 10,000 in advance to non-gazetted staff may provide only a slight relief.

Many banks have made ‘SOS calls’ to the Reserve Bank for additional cash for the first few days of December to meet the initial rush of people, already fatigued standing in unending queues to exchange/deposit old notes and make limited withdrawals over the past three weeks after the demonetisation was announced on November 8.

Banks have to make additional arrangement including security deployment, said a senior banker of Canara Bank. Many banks are contemplating to set up additional counters for withdrawal to meet the rush. “At SBI we have enough currency supply. At some pockets there was shortage, but there also funds are being made available,” State Bank of India’s deputy managing director Manju Agarwal said.

Despite recalibration of nearly 70 per cent of ATMs do not have cash, while people are struggling with the problem of change as the operational ones dispense mostly high denomination Rs 2,000 notes.

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  1. A
    Abhinav Gour
    Nov 30, 2016 at 5:27 pm
    Managers syphon most of the money only half he money goes into the atm a special task has to be appointed to check money is actually fed in the atms
    Reply
    1. A
      ALBERT ANTONIO
      Dec 1, 2016 at 12:59 am
      The agony and misery for the people will continue. Modi govt has made India a laughing stock by its hare brained scheme of demonetization.
      Reply
      1. B
        Bhansali
        Nov 30, 2016 at 7:54 pm
        Vote RSS stooge Modi and BJP and continue to pay price for many more years.
        Reply
        1. P
          Prateik
          Nov 30, 2016 at 7:51 pm
          I am visualizing MIVE RIOTS TOMORROW AND ATLEAST FOR 10 DAYS.lt;br/gt;lt;br/gt;ARMY WITH BRAHMIN DOGS AS BRIGADIERS ARE ON STANDBY TO QUELL PEOPLE BY SHOOT AT SIGHT.
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          1. G
            Gopi Chand
            Nov 30, 2016 at 4:53 pm
            Govt mus show some urgency in dealing with cash starvation especially for middle cl people.
            Reply
            1. J
              Jagannathan
              Nov 30, 2016 at 9:30 pm
              First people Lined up in Queues to Vote Modi and BJP in 2014. Now Modi and BJP are Forcing People to LIne up in Long Queues to Get their Hard Earned Money. No one knows for sure these Long queue will ever end under Modi. To buy Rice, Atta, Vegetable from street Thelas Modi wants employers to pay prepaid Cards which are useless to buy these things. Indian will go through long and painful days ahead. People are fooled that Notebandi is good for them but don't know real source of Black Money and Corruptions are Political Parties who make most out of every hardship people face.
              Reply
              1. A
                Abhilash
                Dec 1, 2016 at 3:49 am
                Brianless Feku thinks Country can become Cashless which even most advanced and richest country could not with 1000 times expertise and facilities than India.
                Reply
                1. A
                  Ajay G
                  Dec 1, 2016 at 12:40 pm
                  Manufacturer exporters in North India are worst sufferers. No transporter is prepared to take their goods to the port. Huge inventory, cancellation of orders, not getting enough raw matrial from Central and Southern India has forced a few to suspend production. lt;br/gt; lt;br/gt;Labour is rerurning to Bihar, UP and Orrisa.
                  Reply
                  1. A
                    Ajay G
                    Dec 1, 2016 at 4:04 am
                    ry remains usually in savings for majority of govt employees. Rush may not be that big.
                    Reply
                    1. A
                      author
                      Nov 30, 2016 at 5:10 pm
                      Today i faced lots of problems as no money in ATM. First time I felt that time had gone 20 years back when taking out money from your bank was like asking for a loan. Today I felt worse. No money. All these big people sitting in ivory towers does not know what the common man/woman is facing in tier 2 cities. And i see no VIP's in the queue ? All service cl people. If prices of property does not come down as a result of this draconian rule that is causing so much pain then it was not worth it. As most of the black money in the country is in property and Gold. AND MIND YOU WHAT ABOUT CHECKING IF PEOPLE ARE TAKING BRIBES IN KIND. CHECK WHICH PERSONS CHILD HAS GONE TO STUDY ABROAD WITHOUT SCHOLARSHIP. SPECIALLY THOSE IN GOVERNMENT AND PRIVATE SERVICE. IF SO WHAT IS THE SOURCE OF THE COLLEGE TUITION ? THAT IS IF THIS DRIVE IS TO CURB CORRUPTION.
                      Reply
                      1. A
                        Avinash
                        Nov 30, 2016 at 8:43 pm
                        First they have to get the culprit.
                        Reply
                        1. A
                          Avinash
                          Nov 30, 2016 at 8:42 pm
                          People should go to Big Bazar as advised my Modi.lt;br/gt;Where there is no big bazar - Modi should alott Govt land to get it opened. Then only India will progress.lt;br/gt;Meanwhile lets continue abusing Kejriwal, as icing on the cake.
                          Reply
                          1. D
                            Dash
                            Nov 30, 2016 at 5:41 pm
                            Educated pdople should use technology. Semi-educated men here should not spread panic.
                            Reply
                            1. P
                              PN badri
                              Nov 30, 2016 at 5:03 pm
                              Government should release the details of how much money withdrawn thro bank cash counters and thro ATMs on daily basis to minmise the cash crunch.
                              Reply
                              1. B
                                Bharat Kumar
                                Nov 30, 2016 at 6:03 pm
                                Govt employees will get a priority in the queue? The bureaucrats got their tail up during Indira hi's time, really lost their mojo starting with Rajiv hi's tenure. Now they are back again !lt;br/gt;lt;br/gt;No one supports black money, but it is painful to see poor people suffering. In a city like Mumbai, people are left to die on the road due to the apathy. People slow down and watch a stalled car or an accident, but very few stop and offer support Since there are many, everyone looks at the other to move. On the govt. side red tape and bureaucracy is always on the lookout for a fall guy to show that they have done their job !lt;br/gt;lt;br/gt;The Govt employees, quite a few of them, are busy stuffing their pockets, any real work is a serious distraction.lt;br/gt;lt;br/gt;We don't need demonetization, but castration of the corrupt, who are no different from the rapists.That would also solve the potion growth a bit
                                Reply
                                1. B
                                  BigBang
                                  Nov 30, 2016 at 6:22 pm
                                  Why do people wait for ry to withdraw their money? Many people save money and they would have already withdrawn sufficient amounts of cash by now out of their savings by standing in queue when the queues were getting shorter. Most bills can be paid by electronic payments from the bank accounts. There are only few expenses that really need to be paid in cash.
                                  Reply
                                  1. B
                                    Bijan Mohanty
                                    Dec 1, 2016 at 9:43 am
                                    Are you indoor or outdoor or in a house with no door ?
                                    Reply
                                    1. B
                                      Bijan Mohanty
                                      Dec 1, 2016 at 9:42 am
                                      People are suffering and should protest vociferously instead of being confused by media
                                      Reply
                                      1. D
                                        dd
                                        Nov 30, 2016 at 4:58 pm
                                        IE reporters are expert in sawing negative news with ma added...
                                        Reply
                                        1. S
                                          Sreenivasan
                                          Dec 1, 2016 at 10:14 am
                                          When cash is short, the banks say "System hanged", "Server not responding" etc. They are not to tell the fact flatly on the face of the depositors. They take eight hours to deliver cash that could have been handed over in 5 hrs. Shortage of cash is really killing the bank employees. They never expected, a Maharaja in waiting has become our PM.
                                          Reply
                                          1. F
                                            Feku
                                            Nov 30, 2016 at 5:28 pm
                                            People died standing in que ??lt;br/gt;Jawans die everyday on border.lt;br/gt;Shut up and be happy.lt;br/gt;--By Order--lt;br/gt;Feku
                                            Reply
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