A year after note ban, post offices still out of cash in Andhra Pradesh
VISAKHAPATNAM/VIJAYAWADA : Even after a year of demonetisation, thousands of postal SB account holders are having a tough time withdrawing money as SBI authorities are unable to divert enough cash to offices across the state. Visakhapatnam senior postal superintendent Malladi Hari Prasad Sharma has shot off a letter to the zonal manager as well as to the general managers of the bank, but no action has been taken yet. “For over a one month now, almost all post offices in the district are facing severe cash scarcity. When we consult SBI officials concerned, they blame the Reserve Bank of India for not sending them enough money. We are having arguments with our customers,” Sharma told Express.
T Dharma Rao, a retired railway employee from New Colony, recently tried to withdraw `5,50,000 from his SB account, but was given only `1,50,000 and was requested to come again for the remaining balance as there was not enough cash at the post office. After the introduction of online cash depositing system in October, only the Head Post Master has the power to withdraw cash from SBI. Before this, all branch post masters could do so.
SBI Andhra Pradesh chief general manager Garikapati Venkat said the bank was having trouble due to the short supply of cash and as a result was unable to send money to its rural branches and post offices. “Cash management has turned hectic after demonetisation as liquidity has decreased drastically. Deposits have come down and we are finding it hard to get sufficient amounts for day to day transactions,” he explained.
Come again later!
T Dharma Rao, a retired railway employee from New Colony, recently tried to withdraw `5,50,000 from his SB account, but was given only `1,50,000 and was requested to come again for the remaining balance as there was not enough cash at the post office. Several customers face similar issues daily