After three days of bank holidays and ATMs running out of cash, long queues appeared again at banks for withdrawals.
The few ATMs functioning had no cash. Cash was received during the week-end and with holidays for banks could not be sent to other banks or disbursed across the counter. Even ATMs were not loaded.
With across the counter withdrawal only option, people again rushed to banks on Tuesday. “The rush was reminiscent of the first week when people queued up to withdraw salaries or pension amount,” said a private sector employee who could not get money at two banks at the MVP Colony.
With many banks not having cash, people queued up at Andhra Bank ATMs. The queue spilled onto the road at the SBI, Dwarakanagar, on Tuesday evening.
Though Rs.94.5 crore of cash was received by Andhra Bank at week-end, it could not be disbursed or loaded into ATMs. The RBI directed the Andhra Bank to distribute cash among more than 50 banks and around 40 took the cash on Tuesday, it was learnt.
Banks have to make RTGS transfer of equal amount and bring RBI orders for taking the cash and the process continued till late on Tuesday, said sources.
With the RBI making dispensing of Rs.500 notes through ATMs mandatory, the situation is expected to improve by Wednesday with money in ATMs and banks able to disburse across the counter.
With the cash received comprising lower denominations too, change problem may also be addressed.
However, sources in banks say with ATM dispensing limit still continuing at Rs.2,500, queues for across the counter withdrawal will continue for some more time.
Not all banks are able to deliver the Rs.24,000 a week at one go adding to the woes of people standing in queues. Bank officials also point out that people holding back cash without spending is adding to dip in circulation.
Cash not sufficient
SBI Deputy General Manager Ajoy Kumar Pandit said against the demand of Rs.100 crore a day, the SBI received only Rs.44 crore at the week-end. Of it, with Rs.8 crore being Rs.500 denomination, it would hopefully help in better circulation of Rs.2000 notes, he said.
