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Cash crunch: IT department begins raid on hoarders, RBI pump in notes

April 20, 2018 15:52·

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"We have taken steps to increase the supply of currency in case the demand were to go up further".

AIBEA is part of the United Forum of Bank Unions, which is an umbrella body of nine unions, including All India Bank Officers' Association and National Organisation of Bank Workers across the country.

Andhra Pradesh, Madhya Pradesh, Telangana, Maharashtra and Bihar have been facing a cash crunch.

While the government, economists and bankers have come up with several theories explaining reasons for empty-ATMs in some states, a latest hypothesis attributes it to lower bank deposit growth this year leading to unavailability of sufficient cash with lenders.

On Tuesday, the Economic Affairs Secretary Subhash Chandra Garg said that the government suspects that Rs 2,000 notes are being hoarded as they are not coming back into the circulation fast enough. We continue to have in stock adequate currency notes of all denominations, including of Rs.500, 200 and Rs.100 to meet any demand. An unusual spurt in demand for currency had led to many ATMs and banks running out of cash in UP, MP, Andhra Pradesh, Telangana and poll-bound Karnataka and some other states yesterday even as the government and the RBI had assured the public that there was no currency shortage.

There may be a feeling among people that there will be a cash shortage in the future, which is causing people to withdraw cash, Garg said.

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"We have cash currency of Rs. 1,25,000 crores right now". One reason for the spurt in demand was the different festivals observed by people in nearly every states like Baisakhi, Bihu and others marking the solar new year.

Now the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand, he said. One possible reason is the procurement season has started and the demand for payment to farmers has gone up. "Demand for cash has been rising".

The Government would like to assure all the people that there have been adequate supply of currency notes which have met entire demand so far. They are more than adequate to meet the transaction demand of customers.

"There is no need for concern, wherever there is a deficit, the bank is taking adequate measures", he said adding overall cash in economy is more than demonetisation days.

Congress president Rahul Gandhi claimed that the "terror of note ban" had returned and accused Prime Minister Narendra Modi of "destroying" the banking sector with demonetisation. "Is there a Financial Emergency going on in the country?" she asked in a tweet.

"Modiji destroyed the banking system".

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