Long queues and chaos outside banks across the district continued for the tenth consecutive day on Friday with financial institutions failing to provide currency to the cash-starved public. According to sources, people have already deposited Rs. 500 crore worth old currency through various banks since November 9.
Many elderly people and small-time vendors expressed their discontent over the demonetisation of two high-value notes in some parts of the district. Slogans were also raised against Prime Minister Narendra Modi for demonetising Rs. 1,000 and Rs. 500 notes without ‘proper preparation’.
284 branches
According to sources at Vijaya Bank in Mandya, all banks across the district have been failing to meet the requirements of people owing to the inadequate supply of valid notes.
Twenty-eight nationalised and private banks have established branches in 284 venues in the district. On an average, each branch needs at least Rs. 20 lakh a day to meet the demands of the people. Nevertheless, most of the branches at taluk and hobli centres are getting merely Rs. 2 lakh a day, sources added.
Rs. 30 crore
The Reserve Bank of India has been transferring money, based on the currency management policy, to the ‘Currency Chest’ at State Bank of Mysuru in the town. Cash will be supplied to all bank branches in the taluk from the SBM currency chest. The chest needs to hold at least Rs. 30 crore a day to distribute to all banks and branches. However, supply from the RBI is very poor. Therefore, over 90 per cent of ATM kiosks have remained non-functional for ten days following a shortage of cash, a senior officer at the State Bank of Mysore told The Hindu here on Friday.
Protests
Meanwhile, pavement vendors at vegetable markets expressed their anger towards Prime Minister Narendra Modi for taking what they called a ‘hasty’ the decision when Ramya, the former MP, met them.
Ms. Ramya, a Congress leader, visited various fruit and vegetable stalls at the market and some shops nearby and interacted with the vendors. They said that their business had come down by around 80 per cent following the demonetisation.
According to reports, people raised slogans against the PM and the Union government outside several banks in Nagamanagala, Malavalli and K.R. Pet taluks.
