Crowds swell at banks, ATMs

People wait for their turn outside a bank in Mysuru on Sunday.—photo: Special Arrangement

People wait for their turn outside a bank in Mysuru on Sunday.—photo: Special Arrangement  

The weekend holiday and currency crunch resulted in a large crowd milling around banks and ATMs for exchange and withdrawal of money in the city on Sunday.

All banks have been functioning to cater to the growing public demand for cash liquidity, which has increased following the demonetisation of Rs. 500 and Rs. 1,000 notes last week.

District Lead Bank manager K.N. Shivalingaiah told The Hindu that among private banks, ICICI Bank on Kalidasa Road saw a large crowd, and said most private bank branches in the city were not catering to the demand adequately. “I suspect some private bank branches are turning away customers citing liquidity crunch as there was no crowd at their branches,” he added.

The scenario is expected to continue for a few more days. Meanwhile, Mr. Shivalingaiah said there was adequate liquidity of Rs. 2,000 notes but the demand was high for Rs. 100 notes, which was depleting fast.

“We replenished some of the ATMs thrice but they ran out owing to demand over the weekend,” he added.

But, as against nearly Rs. 40 lakh worth of currency loaded to each ATM in the past, the banks are able to load between Rs. 3 lakh to Rs. 4 lakh as all notes are of Rs. 100 denomination. “Earlier, the ATMs were stacked with Rs. 1,000 and Rs. 5,00 notes and would not run out of cash even during long weekends,” he said.

While there were general complaints among customers that banks were unable to cope with the rush, the authorities claimed they were doing their best. In a bid to shore up the staff strength, all zonal and divisional office controlling officers and staff had been deputed to various branches to assist the public.

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