People fume as ATMs go dry

Anantapur: All bank ATMs have become obsolete across the district. They are either running short of money or downed its shutters. They have become places of refuge for beggars and animals.

This is attributed to lack of insufficient cash particularly high value denominations like Rs 500 and Rs 2,000. People are having a hard time going to banks for cash withdrawal as the ATMs have become defunct. The concept of anytime money withdrawal has eluded the common man and the middle class.

Demonetisation has its demonic effect on the economy such that it is unable to rise from its fall. All activity relating to real estate either buying or selling has become a casualty to demonetisation.

The woes that began with scrapping of 500 and 1,000 denomination notes has compounded the problems all the more with the introduction of high value Rs 2,000 denomination. Bank managers, who spoke to ‘The Hans India’ and begged not to be identified stated that the introduction of Rs 2,000 denomination has given new impetus to black money hoarders, who found a blessing in disguise in the high value 2,000 denomination vote.

He says that according to RBI enough quantity of the said notes are in circulation and that they deny any shortage of the high value note. In practice, there is shortage of the note because it is hoarded in the homes of the moneyed people. Even, if the notes are hoarded by a section of the moneyed people it is construed as notes being in circulation in the society, according to RBI.

Rakesh, a professor in local university told ‘The Hans India’ that the demonetisation did not affect the sections for whom it was aimed at, but it effected the common people and taxpayers. Lakshmi, a central government employee says that people are losing faith in the banking system.

That's why many people are disinclined to deposit their money in the banks. Some bank managers refused to acknowledge the fact that many ATMs are not functioning or closed.