Queue at ATMs and traders’ woes continue

For the fourth day in a row, people thronged ATM centres and banks on Sunday to exchange the Rs. 500 and Rs. 1,000 notes that have been demonetised.

According to a bank official said the situation was better than the previous days, but traders said there were still struggling with poor business.

With banks functioning during the weekends to enable public to exchange the notes, people queued up at many banks and ATMs on Sunday.

ATMs shut

Some of the ATMs were shut down for lack of cash.

The official of a nationalised bank said the situation could ease out on Monday.

“Starting Monday, cash would be provided to primary agricultural cooperative credit societies. This is being arranged so that people in rural parts and holding accounts can withdraw cash from these societies,” the official said.

In addition, the new Rs. 2,000 notes have reached almost all banks in the district, he said. “There are two kinds of ATMs, one which is managed by the bank staff and the other outsourced to agencies. Now, the outsourced ATMs are also starting to function. The situation will improve in the coming days,” he added.

The markets continue to be hit in the Fort City with traders still struggling to get customers.

‘No business’

“There is no business at the retail markets. Where will vendors go for change? Many do not have currencies in smaller denominations to return the balance amount to customers,” A. Balu, president of Vellore Town Nethaji Market Kaikari Vyabarigal Sangam.

He added that demonetisation had hit people.

“The number of customers has reduced in the markets. The purchasing power seems to have dropped. Unless, circulation of money improves, sales will not pick up,” he added.

In fact, the cost of some vegetables had also dwindled. In the wholesale market, a box of 25 kg of tomatoes that used to cost Rs. 250 to Rs. 300 was priced at Rs. 100 now, he said. “In the retail market, a kilo of tomatoes cost Rs. 5 to Rs. 6,” he added.

The cost of vegetables such as carrots, beans, beetroot and broad beans had dropped by half.

Carrots cost Rs. 10 to Rs. 15, while beans were priced at Rs. 10 to Rs. 15, beetroots cost Rs. 8 to Rs. 10 and broad beans cost Rs. 15. These vegetables had cost at least Rs. 25 to Rs. 30 earlier.

C. Janarthanam, secretary of Vellore Navathaaniya Mandi Vyabarigal Sangam, said they were not purchasing fresh stock as there was no business. Mr. Balu said they were facing losses due to poor business.

“Many have been affected by this demonetisation including farmers, retail and wholesale traders,” he added.

The markets continue to be hit in the Fort City with traders still struggling to get customers

Queue at ATMs and traders’ woes continue

Some of the ATMs were shut down; situation would ease by Monday, says a bank official