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People facing shortage of cash with ATMs Display No cash boards
People are facing shortage of cash with ATMs displaying ‘No cash’ boards. Farmers, employees, housewives and students are finding it difficult to meet their daily needs with non- availability of cash. The worst sufferers are pension holders in villages.
Kurnool: People are facing shortage of cash with ATMs displaying ‘No cash’ boards. Farmers, employees, housewives and students are finding it difficult to meet their daily needs with non- availability of cash. The worst sufferers are pension holders in villages.
Highlights:
- Cash received from the RBI reportedly is not enough to fill cash in all ATMs
- Pensioners are unable to get monthly pension, says retired MRO
- Cash crunch to hit Srirama Navami celebrations today
A retired MRO Rangayya said officials concerned are unable to dispense cash to pensioners. A housewife Bhagyamma lamented that she was unable to clear monthly payments in the first week of the month with no cash in hand. According to sources, the district cash chest got replenishment on February 1. After that, the RBI sent money only on March 13. Normally, cash replenishment has to be done thrice a week.
If there is any break in circulation chain, the entire system would go hay wire, the sources said. Lead District Manager Narasimha Rao said that Rs 126.4 crore has been stocked at cash chest. Out of which, Andhra Bank will draw Rs 96 crore and SBI will get Rs 30.4 crore. After a gap of twenty days, the money has arrived at Kurnool cash chest, he stated.
He condemned the rumours of Rs 10 coins are banned and invalid. He urged people not to believe in false rumours. The Andhra Bank officials said that they have to cater cash needs of both Kurnool and Anantapur districts. Andhra Bank has to keep the cash even in non-home ATMs, which means ATMs not belonging to Andhra Bank. That is why rest of the ATMs has to depend on the distribution strategy of Andhra Bank.
With Sri Rama Navami festival on Wednesday, the woes of people remain unattended. The State Bank of India officials said that whatever money has been received, it is kept ready for vending at ATMs. The district has 34 banks, 445 bank branches and 485 ATMs.
As main bank branches are receiving regular deposits from customers, the bankers are keeping that amount in ATMs. However, cash shortage in ATMs belonging to Andhra Pragathi Grameena Bank, District Cooperative Central Bank, Vijaya Bank, Syndicate Bank, Bank of India and Indian Bank is a regular phenomenon in the district.
