RBI denies cash crunch, but ramps up printing of currency

18 April, 2018, 00:23 | Author: Regina Lloyd
  • Cash Crunch Reported At ATMs In 10 States, Govt Assures 'Solution' In 3 Days

However, this time, reports say that the cash crunch was a knee-jerk reaction to the latest Financial Resolution and Deposit Insurance (FRDI) Bill, being tabled in parliament. We have visited 5-6 ATMs since morning.

Industry experts feel the shortage has been caused because of cash hoarding of the Rs 2,000 currency notes. "In a month, supply would be about 70000-75000 crore", SC Garg, Secy, Dept of Economic Affairs was quoted as saying by ANI. "These notes alone can more than meet the demand of any month", he said.

The finance ministry did not explain the sudden increase in demand for cash, and did not immediately respond to a request for additional comment. ATMs in New Delhi, Gujarat, Karnataka, Andhra Pradesh, Bihar and Rajasthan, among other states, have been reported as non-functional or out of cash, triggering panic among citizens, akin to the times when demonetisation came into effect in November 2016. Cases of ATMs going "out of service" have also been reported from various parts of the country. Many people raised this issue on Social Media, people slammed Ruling BJP Government and trolled them on Twitter. "RBI is closely monitoring both these aspects".

Meanwhile, RBI has formed a committee to look into the cash crunch crisis. The total worth of Rs 2,000 notes in the system is Rs 7 lakh crore in the system.

Now it seems that again the situation seems to return as many ATM'S across India run dry and pose as a problem for the common man. Some ATM is working, but they have only 500 rupees notes. "Smaller denominations like Rs 200 are yet to see a proper circulation as they are mostly available at the banks while only a few ATMs have been calibrated to dispense them". Over the last few weeks, the higher rate of withdrawals can be explained, to a certain extent, in some states. Reports of ATMs running out of cash have been pouring in from cities and towns across Karnataka, Andhra Pradesh and Telangana.

SBI chairman Rajnish Kumar said it would not be correct to state that there is currency shortage in the country.

We had adequate reserves of currency notes which have been used to meet fully the extraordinary demand generated so far.

The government has chose to increase the production of currency notes by five times, reported the Indian Express. Taking cognizance to the matter, Mos Finance SP Shukla said that government is aware of the issue and steady steps are taken by the Government.

Reacting to the situation, West Bengal Chief Minister Mamata Banerjee on Tuesday said it reminded her of the demonetisation days.

Congress president Rahul Gandhi claimed that the "terror of note ban" had returned and accused Prime Minister Narendra Modi of "destroying" the banking sector with demonetisation.


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