ATM's run out of cash in major cities across India

Subhash Chandra Garg

Overall there is more than the adequate currency in circulation and also available with the Banks. Jaitley took to micro-blogging site Twitter and said that the shortage is "temporary" and that it has been caused due to "sudden and unusual increase" (in demand) in some parts of the country. "In two-three days, this problem will be resolved", Minister of State in Finance Shiv Pratap Shukla told TV channels.

SP Shukla, said, "We've cash currency of Rs1,25,000 crore right now".

The government, meanwhile, has been trying to encourage people to adopt cashless payment methods like debit cards, UPI and Aadhaar-Enabled Payments, but has had limited success so far.

Among the worst affected cities are Hyderabad, Bhopal, Surat, Varanasi and Delhi. They cited concerns over the proposed FRDI (Financial Resolution and Deposit Insurance) Bill and the PNB (Punjab National Bank) scam as reasons for withdrawals. RBI sources have said that "higher than normal withdrawal of cash" in these states have led to acute shortage of cash.

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In a nutshell, although there is no risk to banks due to either of these factors, the rush to withdraw money created a real shortage of currency at present. Stating that this is a phenomenon experienced by "all banks" since November 2017, Purnima said, "We are unable to refill ATMs because people are not depositing in banks". As per reports, most of the ATMs are running out of cash that has created big problems for the people. "Compared to that over Rs 18 lakh crore worth of high denomination notes are in circulation today", a senior RBI official told India Today. "But notes of Rs 2,000 are missing from the market".

"16.5 lakh crore notes were printed & circulated in markets, but where are Rs.2000 notes going?"

"We are facing a cash crunch. This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also", said MP CM Shivraj Singh Chouhan to ANI. "The government will act tough on this", he said. ANI on Tuesday quoted people as saying in Bhopal that they have been facing cash crunch for the last 15 days as the ATMs are not dispensing currency notes.

However, according to news reports, several parts of India are facing a cash shortfall this week prompting the government to step in with corrective measures like better routing of cash from currency chests.

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