VIJAYAWADA: The cash crunch situation in the banks of the city continues to affect the aam aadmi 40 days after the decision to demonetize high currency notes was made. The three days of holidays in a row for the banks created much inconvenience for the customers in withdrawing the currency.
The rush at the banks was seen with the serpentine queues, just like in the initial days of demonetisation. The shortage of new currency is clearly visible, with bankers advising customers to withdraw only `2,000. After the holidays, banks have been witnessing a steady rush after the RBI dispersed a huge amount of cash. However, just one day later, the cash crunch seems to have resurfaced. With this phenomenon, the same old rationing of amount is being taken up by the bank officials.
Currently, banks seem to run out cash by after noons, despite allowing people to withdraw money only in limited amounts. Post noon, several banks paid just `2,000 to the customers, against the withdrawal limit of `24,000.
“The situation has worsened after the holiday period and we were unable to provide even `10,000 to customers, due to the shortage of the currency. We are expect the RBI to release some more cash to the stat. The new `500 notes need to to be circulated at banks as soon as possible.
The normalcy is unlikely to return even in the next 50 days going by the current situation of cash flow.” said V Raghuram, Deputy manager at SBI, Patamata branch. The existence of `100 notes in the banks have completely dried up and ended with a zero count by Wednesday afternoon. On Thursday, the banks were only able to pay with `2,000 notes.
“Banks have no cash and the managements are not taking enough measures to maintain sufficient amounts,” said V Ramana Rao, a lecturer at a junior college.