With banks dispensing less cash than allowed by the RBI and ATMs only Rs. 2000 note, the hardship of people continues. The new Rs. 500 note that could have eased the situation has remained elusive till now. Bankers also see the arrival of Rs. 500 note as much needed relief with the likelihood of a large number of people withdrawing anywhere up to Rs. 25,000 after receiving salaries.
Though cash arrivals are expected by all the banks with the all-important first of the month a day away, the quantum appears to be inadequate compared to the requirement.
Apparently wary of the demand, banks are dispensing less cash across the counter. Instead of the Rs.24,000 a week allowed for a week by the apex bank, SBI is mostly giving Rs.10,000 and Andhra Bank Rs.11,000. The Rs.11,000 disbursal has a silver lining with Rs.1,000 coming in hundreds. But that does not take the problem away. A family came to a bank at Sitammadhara to withdraw Rs.24,000 but could only take Rs.11,000. Assisted by his daughter and wife, Krishna Rao, not keeping good health, had to go to another bank to draw more money.
“I have to make repeated trips to banks to get the required money,” said Ramamurthy Reddy, another customer adding the nearby SBI branch was giving the maximum amount.
“Everywhere Rs. 2000 note was dispensed by ATMs and in spite of going to four to five ATMs in the busy Dwarakanagar area I did not get change,” said a woman employee. “We are meeting the needs by going to departmental stores and other shopping facilities with point of sale machines but paying for services once the first of the month comes will turn out to be a problem,” said a government officer.
SBI Deputy General Manager Ajoy Kumar Pandit said the bank with 250 branches in the North Coastal districts would get Rs.40 crore and it would see the bank through on Wednesday and Thursday. The requirement in the first week is about Rs.500 crore.
But unless people bring into circulation the Rs.100 notes dispensed soon after demonetisation the change problem would not subside, he says.
Pre-paid cards mooted
With the first of the month approaching ,everyone needs money to pay for various services. But in the given situation no bank can pay the cash required or mandated, says Andhra Bank Deputy General Manager B. Vijayalakhsmi.
“We are planning to give Rs.10,000 in cash and an equal amount in pre-paid cards. The proposal has been sent to the our higher-ups,” she said.
The pre-paid card can be used like debit card to make payments.
