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ATMs running dry again? FM Jaitley steps in to soothe people's nerves

ATMs running dry again? FM Jaitley steps in to soothe people's nerves

Responding to reports that ATMs are out of cash or not working in several states, Finance Minister Arun Jaitley today conceded a "temporary shortage in some areas" and said it was being "tackled quickly".

"Have reviewed the currency situation in the country".

SBI Chairman Rajnish Kumar in an interview to CNBC-TV18 backed Jaitley's statement, saying that there is enough currency in circulation.

According to RBI data, currency in circulation as on April 6 was Rs 18.17 lakh crore, which is close to the number at the time of demonetisation. However, to take a stock of situation, the Finance Ministry reportedly had a meeting with the Reserve Bank of India and other banks last week. "The Government has set up state-wise committee and RBI has also formed a committee to transfer currency from one state to other because for money transfer you need the permission of the RBI".

Assam, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh and Madhya Pradesh are the most affected states.




People in Delhi say "We are facing the cash crunch". They said they are not being able to withdraw cash from ATMs as kiosks in several parts of the city have run out of cash. Complaints of cash crunch have been reported from semi-urban and rural regions of the states. The situation has been the same for last 15 days.

As reports of the cash crunch emerged in Madhya Pradesh, the Chief Minister Shivraj Singh Chouhan alleged a "conspiracy" to create problems.

People in Hyderabad have been facing troubles in withdrawing cash from ATM machines, reported news agency ANI. The Modi government on November 8, 2016 had announced demonetisation of high value notes, Rs 500 and Rs 1000, which together accounted for 86-87 per cent of the currency in circulation. The issue will be resolved in three days, he added.

In Delhi, people have said only Rs 500 notes are coming out of the kiosks.

Addressing a farmers' convention, Chouhan said, "The currency worth Rs 15,00,000 crore was in circulation before demonetisation". ATMs are not dispensing cash. This is a conspiracy to create problems. "We are facing difficulty, don't know what to do". ATMs dried up in north Bihar due to issues related to transportation of cash from currency chests located in other parts of the state, officials said. "Facing a lot of inconvenience in this heat", said a Patna resident.


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