Cash flow in ATMs improves
Cash flow in ATMs improves

Cash flow in ATMs improves


Cash flow in over two lakh ATMs across the country improved considerably on Wednesday, a day after currency crisis was reported from at least half a dozen states.

The government claimed that the situation was fast improving with over 80 percent of 2.2 lakh ATMs operating normally today as against 60 percent yesterday.

Country’s largest lender State Bank of India and several other lenders, including PNB, Canara Bank and Axis Bank claimed that cash shortage at ATMs was limited to select pockets.

"Availability of cash in SBI ATM has improved in the last 24 hours. Efforts are being made on a continuous basis to improve the cash availability further in a few geographies. Overall issue of less cash should come to normalcy within soonest possible time, " SBI Chief Operating Officer Neeraj Vyas said.

In a statement by SBI, he further said that the bank is constantly monitoring the situation and making immense efforts to ensure the supply of currency in abundance at all its ATMs.

The Reserve Bank on Tuesday said that there was no shortage of currency even as it has ramped up printing of notes at all its four presses. The Finance Ministry too had said printing of Rs 500 notes was being increased five-fold.

Even as government and Reserve Bank have asserted that there is no currency shortage, SBI Research today pegged the cash shortfall in the system at a whopping Rs 70,000 crore, which is a third of the monthly withdrawals at ATMs.

Meanwhile, amid cash crunch, Ahmadabad police in a tweet asked traffic offenders to pay their challan online and not make excuses of cash shortage when caught by the traffic police. (UNI)