Reports of severe cash crunch in ATMs in several states

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More than a year after Prime Minister Narendra Modi sensationally announced the note ban, people have begun bear the brunt of fresh cash crunch in three big states once again.

cash crunch

Social media platforms have been replete with users posting stories of their personal inconvenience while attempting to withdraw their own hard-earned cash from ATMs in these states. There are also reports of people facing cash shortages in Andhra Pradesh and Telangana too.

An alarmed chief minister of Madhya Pradesh, Shivraj Singh Chouhan, was quoted by ANI, “16.5 lakh crore notes were printed & circulated in markets, but where are Rs.2000 notes going? Who is trying to create a cash crunch? This is a conspiracy to create problems & state govt will take strict action on it, we are in touch with centre also.”

This came nearly four days after the finance ministry held an emergency meeting with the Reserve Bank of India (RBI), banks, and state government officials on to take stock of cash availability in ATMs after receiving complaints of cash crunch in some states. Quoting an analysis by the RBI, Business Standard had recently reported that the rate of cash withdrawal was far more than the cash deposits in banks in states such as Andhra Pradesh, Bihar, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana.

An angry mob on Sunday had reportedly vandalised an ATM in Jammu and Kashmir’s Kupwor district after being unable to withdraw cash.

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