India faces cash crunch as ATMs run dry — Twitter reactions

ATM Cash Crunch Across India: ATM Machines Go Dry in Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh & Telangana

Meanwhile, none of the five ATMs checked in the Pondy Bazaar area had cash and the scenes were similar in Nandanam with long queues in front of nearly every ATM.

The government is checking with banks and the Reserve Bank of India to ensure adequate supply of currency.

Many Twitter users complained about the lack of cash in ATMs.

"There is also a perception that there may be shortage of currency in the future". This is a nationwide issue and it is out of the state government's purview. They took to the micro-blogging site to express their anger and disappointment at not being able to access their cash in ATMs. "We are constantly in touch with the RBI", he had said on Monday. Bank officials said they were getting only one-tenth of the required cash.

On Tuesday, banks recorded a spike in withdrawals via self cheques. It's nearly a flashback to the days after demonetisation in November 2016.

Residents in Madhya Pradesh capital Bhopal said many ATMs have had no cash for 15 days. But we are not in panic mode. However, inside the branch, customers were being allowed to withdraw even less. The cash crunch has also been reported in poll-bound states of Karnataka and Maharashtra.

Several major states are once again facing a serious cash crunch in a problem similar to the after-effects of demonetisation in early 2017. "But till now we have not received any money". "And it could be a local management issue not a countrywide phenomena", he added.

"Cash shortage has been there for about a month now and turned severe over the past few days". "On a given day, one per cent of the ATMs are usually out of order". While some reports stated that the shortage was caused by preparations for the election in Karnataka next month, some, like Madhya Pradesh Chief Minister Shivraj Chouhan, alleged that a hoarding of Rs 2,000 notes was behind the cash crunch.

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In the first 13 days of April itself there has been demand of Rs 45,000 crore, he added. In Adilabad, toll-booths and petrol bunks handed out high-denomination notes in exchange for small change.

The terrible memories of long queues outside ATMs in the country returned on Tuesday with as many as 15% of the total note-dispensing machines running out of cash.

According to him, "Currency printing will increase from Rs 500 crore to Rs 2,500 crore per day of Rs 500 note".

On Tuesday, nationalised banks seemed worse hit than private banks. "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". But after demonetisation, the RBI is making currency distribution through the HDFC Bank. "The government will act tough on this", he said.

The SBI chief said it was wrong to call it a currency shortage. "Since the GST was implemented, we shifted to cheque and electronic transfer mode of payment".

The cash crunch put the ruling BJP on the backfoot as the Opposition described it as a continuation of the "demonetisation disaster". "Nonetheless, we are better placed as compared to other APMCs", said Mukesh Satasiya, president of commission agents association of Gondal APMC.

Bankers clarified that the situation is temporary. Every week, the bank pays around Rs 12 crore per week to dairy farmers.

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