Cash crunch seen in many parts of the nation in recent days hinted at facilitating on Thursday with 86% of ATMs coming on the web, money being transported to shortage territories and government presses working extra time to print new notes, authorities said. India’s biggest bank State Bank of India (SBI) director Rajnish Kumar said the issue will be settled by Friday.
“It is not a uniform cash crunch problem. It is there in geographies like Telangana and Bihar. We are hoping that the problem will be resolved by tomorrow because cash is in transition and it is reaching these states by today evening,” SBI’s Kumar told reporters in New Delhi.
ATM Cash Crunch Problem To be Solved Today: Says SBI
The government authorities said that with special plans being made to transport money to zones that amid the most recent three days confronted an “unusual spurt in demand”, 86% of the 2.2 lakh ATMs were operational, administering money.
This was higher than 80% operational ATMs on Wednesday and only 60% working ATMs on Tuesday. The lack has been faulted for the deficient accessibility of Rs2,000 money notes, which sources in the administration said could be a result of accumulating in front of decisions.
ATM tapes had not been arranged to administer smaller denomination Rs200 notes. An authority said the government has increase printing of cash notes and is working all the four presses 24×7. The presses this week have been stamping Rs500 and Rs200 notes without a break to meet an expected Rs70,000 crore of money setback in the nation.
On a normal, the four presses of Security Printing and Minting Corporation of India Limited (SPMCIL) work for 18-19 hours day by day with a 3-4 hour break. Be that as it may, since the time ATMs ran dry, the presses are working 24X7, the authority told PTI. Such extra time printing was most recently seen post demonetization when the printing of new Rs2,000 notes was optimized to meet the liquidity lack in the market.
The Reserve Bank of India (RBI) had on Tuesday expressed that there is an adequate trade out its vaults and cash chests.
“Nevertheless, printing of the notes has been ramped up in all the 4 note presses.” Holding responsible the individuals who are accumulating money, Kumar said the cash ought to be reused, implying that if people withdraw cash from the bank and the cash should be saved back also.
“If we (people) hold everything, then whatever supply we (banks) do, it will be insufficient for the country. So it is important that the currency is also recycled,” he said. Commenting on the issue, telecom minister Manoj Sinha said the hype around currency shortage has been created to mislead the nation.
“I feel that it is unnecessary hype which has been created. Finance Secretary and RBI have said that there is no cash crunch in 80% of the ATMs and there is enough cash available in RBI chest also. It is a political conspiracy to mislead the nation. People should remain cautious about such conspiracies,” he said.