Podcast | Cash crunch: Here's why ATMs in the country are running dry

Rajnish Kumar, the chairman of India's largest state-run lender, State Bank of India, told a local news channel that the cash crunch was being "overstated". According to reports, the shortage, which first began in Telangana and Andhra Pradesh, has now spread to Maharashtra, Gujarat, Bihar, Madhya Pradesh, Delhi and Bihar. Some ATMs in national capital too went out of cash.

But will stock market feel the pinch of this cash crunch? KTR remark gets importance as Union Finance Minister Arun Jaitley in a twitter message said that they are pumping in cash to the states seeking adequate funds. Nobody is answering that as of now.

Last time, the country witnessed a severe cash crunch in late 2016 and early 2017 was when PM Modi on November 8, 2016 had announced to ban Rs 500 and Rs 1,000 currency notes. But nobody is clearing the air on what could have caused the "unusual spurt". There is one problem that some states have less currency & others have more. "This should give you assurance that we are geared up to meet the rising demand", said Mr Garg.Shiv Pratap Shukla, minister of state for finance, said, "The government has formed a committee to address the problem of currency shortage in certain states and the issue would be resolved in next two-three days". There is around Rs 18 lakh crore currency supply now, which is close to the circulation during the demonetisation period. Meanwhile, the printing of Rs 2,000 notes has also been halted for a past few days. "There has been some tendency of some people using Rs 2,000 notes, but that does not affect the overall supply of the Rs 2,000 notes". This is a conspiracy to create problems. "The government will act tough on this", he said.

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But a tweet was not enough to resolve the troubles of people, giving the Opposition a reason to criticise the government. Rahul said the current crisis was a result of the rot in the banking system. Gandhi accused PM Modi of destroying the country's banking system owing to the decision of demonetisation. She wondered if a "financial emergency" is going on in the country.

Joining in the attack was CPM leader Sitaram Yechury. The NSUI workers showed protest against Acche Din claims of Bhartiya Janata Party led Union Government. The people of Delhi are also facing the problem of cash. One should note that digital transactions have significantly increased in the country post demonetisation. Now, this figure is Rs 16.50 lakh crore.

While some banks have put up "no cash" boards outside their ATMs, others have "ATM temporarily out of service" or "ATM under maintenance" boards. He said that Indians could exchange their old notes for replacement new ones, triggering long queues at banks and causing the death of several people in the ensuing...

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