ATMs run dry, cash crunch hits JK - watsupptoday.com
ATMs run dry, cash crunch hits JK
Posted 18 Apr 2018 11:29 AM

Agencies
Like other parts, the ATMs are running dry in Jammu and Kashmir, bringing much embarrassment to people of the state.

People across several states are troubled over the sudden demonetisation days like crisis as many ATMs are running out of cash. The cash crunch has hit many states, including Jammu and Kashmir.

Scores of ATMs in Srinagar were dry with banks failing to refill the currency notes due to ‘temporary shortage of cash’.

The shortfall in demand and supply of currency notes mainly in ATMs caused inconvenience to the people in the state.

“ After waiting for half an hour, I had to run empty handed as the ATMs in Lal Chowk have no or less cash leading to chaos and confusion,” said Ghulam Mohammad, a resident of Dalgate.

Mohammad Sidiq had to travel 2 Kms to fetch money for buying medicines for my mother who is admitted in SKIMS hospital. “Even ATM inside the premises of the hospital was dry forcing patients and their attendants to suffer,” Shamim Ahmad, a resident of Bemina.

Similarly the situation in the city centre LalChowk and commercial hub Karan Nagar was same with majority of the ATMs running dry, while in ATM kiosks where there was availability of cash, huge rush of customers was witnessed.

In Jammu, people also faced similar problems. “I have to fetch home necessities but could not withdraw the case as ATMs are without money,” said Rajeev, a resident of Jammu.

A senior State Bank of India official admitted that repercussion of cash crunch across India is also felt in Kashmir. “We cannot deny the fact that there is less cash flow. But situation is not alarming like what is felt in other parts of the country.”

In-charge corporate communication, JK Bank, SajjadBazaz said there is shortfall in supply of cash in ATMs as there was three bank holidays which were observed during last week.

“As banks remained closed, customers disbursed only money from ATMs which caused shortage. With opening of banks, it will end soon,” he said.

Union Finance Minister ArunJaitley blamed the “temporary shortage” of cash on “sudden and unusual increase” in withdrawals in some areas.

“Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” Jaitley tweeted.

Despite the currency flow going back to the pre-demonetisation levels, people are facing difficulty in withdrawing cash from ATMs. Minister of State for Finance, SP Shukla told ANI that the cash shortage was due to some states having low currency reserves in comparison to others. He said the government has set up a state-wise committee to oversee the transfer of excess currency between the states. The issue will be resolved in three days, he added.

The department of Economic Affairs has assured the matter will be resolved soon with the raise in production of Rs 500 notes.

Leave a comment: (Your email will not be published)