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24 Oct 2021, 06:00 HRS IST
  • PTI
  • Cash pain remains as demand outstrips supply

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19:26 HRS IST

New Delhi, Dec 2 (PTI) Shortage of cash continued to make things difficult as ATMs ran out of money quickly even as banks rationed valid notes to meet requirements of as many customers as possible.

The rush is understandable as people flocked to banks to withdraw their salaries.

There are reports suggesting that bank branches from across the country did not get sufficient cash to take care of pay day withdrawals.

While RBI has placed weekly withdrawal limit of Rs 24,000 per person, bank branches on their own have further lowered the ceiling to make cash available to more people.

The ATMs too did not come to the rescue either as most went dry soon after being loaded with cash, given the huge pent-up demand. Many ATMs were dispensing mainly Rs 2,000 notes.

Banks have been making SOS call to RBI for providing additional cash to meet pay day rush for another 4-5 days, sources said. There have been reports of heated arguments and flared-up tempers at many bank branches as the rush for withdrawal intensified.

Meanwhile, in a letter to finance minister, AIBEA said demonetisation has resulted in "tensions, exchange of words, quarrel, abuses, insults, insinuations on bank staff, commotions bordering on physical and mental pressure on the staff for no fault of them".

There have also been instances where the irritated public locked up bank branches from outside, it said.

According to All India Bank Employees Association (AIBEA), the situation is becoming unbearable and officers and employees are on the "brink of losing their patience" due to sheer fatigue.

It has demanded that RBI should take steps to supply adequate cash to all banks and details of notes supplied to banks "should be announced publicly by RBI on a daily basis".

All ATMs should be made functional immediately and protection should be given to bank employees and officers from the public pressure, it suggested.

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