TASMAC to the rescue of banks running low on cash in Nagapattinam
By M Manikandan | Express News Service | Published: 17th April 2018 08:36 PM |
NAGAPATTINAM: Revenue from liquor sales has been helping banks in the district to maintain funds flow for over a fortnight now. Running low on cash, banks have been able to run their show with daily deposit of collections by TASMAC.
Sources in a leading public sector bank in Vedaranyam said deposit of TASMAC collection has been helping them manage cash flow. TASMAC shops in and around Vedaranyam, on an average, garner sales of Rs 3 lakhs a day on a weekdays. This would go up to Rs 7 lakh on Muhurtam (marriage) days, and during festivals in places of worship.
A senior official of a nationalised bank told Express that since April 1, banks in the district have not been receiving enough money from the central bank. "Till a few days ago, we used to load Rs12 lakhs cash in ATMs once in 15 days. But now we loading Rs 7 lakh once in three days. The supply is less and customers have been withdrawing more money. Even other banks are calling for money," he said. Customers who need to withdraw the huge sums have been asked to inform officials in advance so that cash could be arranged, he added.
Not just nationalised banks, even post offices and ATMs operated by private financial institutions are also facing similar issues. ATMs of Tata ATM One and India One in Nagapattinam have run out of cash.
A 15-member family from Kerala that was a tour to the Nagore Dargah was caught unawares on Sunday night as all the 10 ATMs in the town went dry and the family struggled to buy food.
A S Nowshath, a Nagore resident, said the middle-class family from Kerala were stuck left with `70 on hand, having spent all their money earlier in the day. Having completed the rituals at the Dargah, they got ready for dinner and only then realised the gravity of their situation.
Seeing the family panic as they could not find a functioning ATM, Nowshath and his friends offered them food and also guided them to where they could withdraw money. "My friends and I spotted the family sitting desolate on Alangaravasal Street. When we aapproached them, they informed us that they had run out money and could not locate an TAM that dispensed cash. We told them to go to Nagapattinam which is about 8 Km away. A person hired an auto to Nagapattinam and got money" he said. "Since there were several children in the family, we offered them food. Tuesday is the eighth day in Nagore that none of the ATMs is functioning. While locals manage, tourists are the worst affected," Nowshath added.