Ever since the night of November 8, Kalyan J. tried a few times to draw some money from the ATMs and another time through the cheque across the counter. He failed both times, once baulking at the huge queues. But, he could not keep out the demonetisation blues from hitting him.
After his SUV got serviced, the automotive centre wanted to know the mode of payment. “No cash...err...what about a cheque?,” he asked. “No cheques sir.” So, it can be moved online to your office account?
“We have opened another account for servicing, please send to it.” But, then its already past online banking hours and next transaction is next day. “There is no money in the banks and I have accounts in a top private and a nationalised bank. They are refusing to accept cheques to give cash across the counter. I am unable to pay my staff and even they are not able to do any transactions,” he bemoans. “I am a regular tax payer and I am not getting access to my money,” he sniggers.
More than dozen days after the ‘D’ bomb dropped by Prime Minister Modi, rarely does one come across anyone not suffering any collateral damage even as the banking system struggles to get going due to the heavy demand on their services.
“There is no money irrespective of whether I try from my savings account or my current account. A token is being issued when cheques are presented and not the amount sought,” sighs Mr. Kalyan, running an ad agency. And, he found it was not that easy to open accounts for his staff to credit salaries as cheque from an existing bank account was sought as “introduction amount”!
As is clear, those not in a hurry to queue up for exchanging old notes or draw money too are feeling the pinch.
“People are used to cash and payment through cheques mean a waiting period of three to four working days. Digital payments has its own limitations in the sense of timings and amount while banks are unable to cope up with the sudden surge,” says M. Raj Kumar, a director of a BPO/retailer firm.
Not just in the city, at Mall, 60 km away, banks are not aware of allowing farmers to withdraw Rs.24,000 too. “They are giving Rs.4,000 to Rs.6,000 only,” claims Narasimha, a tenant farmer.
