On Thursday, the State Bank of India branch at Mogalirajapuram here had a moderate crowd of about 60-70 customers. Most of them were there to withdraw cash, obviously. But sadly, even before they could step in, they were greeted with a notice stuck on the glass door — “Cash Withdrawal (`2,000/-) Inconvenience regretted”.
“Even this `2,000 is limited to `2,000 notes! The banks have no cash. The withdrawal limit has fallen from `24,000 to `2,000. I am forced to visit the bank everyday to withdraw money for paying rent and other expenses. I have not received the new `500 from the bank so far,” complained K N Acharyulu, a resident of Prajasakthi Nagar, as he walked out disappointed.
The situation at the bank was in contrast to the scene on November 23 when Express last visited the facility. Back then, there was a serpentine queue in front of the bank even before it was opened at 10 am. At least then, the agonising wait paid off for some as the bank had `100 notes. There were arguments between the staff and customers over the withdrawal limits and shortage of `100 notes. But there was hope and riding on it, hundreds of people flocked to the bank.
Fast forward to December 8. There was neither a crowd nor were there any arguments. There was nothing to argue about. The bank had neither `100 nor `500 notes. Or for that matter, even `2,000 notes. Hence the notice board dramatically cutting the withdrawal limit. With the time for exchange of old notes ending, very few are visiting to deposit money.
When Express asked branch manager, M Vinay Kanth, about the acute shortage, he said, “We have no idea why cash supply is uneven from branch to branch and bank to bank. We have to serve innumerable customers with limited cash. There are very few deposits as people are not depositing new currency or even `100 notes. Even the number of people depositing old currency has come down.”