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Deposits outweigh disbursals
Despite there being long queues for exchange of the old currency, the noteworthy feature is that the cash being disbursed in the form of exchange is very minimal compared to the deposits being received.
Chittoor: As against the assurance given by Prime Minister Narendra Modi, many banks in Chittoor city failed to disburse the cash to the customers on Saturday even as many ATMs remained closed due to shortage of cash.
Despite there being long queues for exchange of the old currency, the noteworthy feature is that the cash being disbursed in the form of exchange is very minimal compared to the deposits being received.
According to sources, customers had deposited cash of Rs 250 crore against disbursal of Rs 43 crore, since the demonetisation. The Rajiv Nagar branch of Andhra Bank received deposits of Rs 42 lakh against disbursal of Rs 5 lakh. Though it is mandatory on the part of banks for keeping adequate funds in their respective ATMs it is learnt that many banks have completely failed in this regard.
Speaking on condition of anonymity, a bank manager said they could not meet the demand for cash as they had not received the requisite number of notes from the Centre.
Speaking to The Hans India, Chittoor SBI Manager K Raju said that it was a hectic exercise to manage the crowds even three days after the announcement of demonetisation.
Stating that special counters had been opened to meet the demands of the customers, he emphatically denied allegations of customers creating a nuisance in the bank. Raju said they could not deposit adequate funds in the ATMs due to shortage of cash.
