A ‘No Cash’ sign is stuck on an ATM machine on 18 April 2018. Patna has nearly 1,500 ATMs of different banks and majority of them are not operating due to shortage of currency
It is there in geographies like Telangana and Bihar. Be that as it may, since the time ATMs ran dry, the presses are working 24X7, the authority told PTI.
This was higher than 80% operational ATMs on Wednesday and only 60% working ATMs on Tuesday.
Normally a currency printing cycle is of 15 days, meaning thereby the increased number of currencies which are being printed beginning this week would be available only towards the end of this month.
On an average, the four presses of the Security Printing and Minting Corporation of India Ltd (SPMCIL) operate for 18-19 hours daily with a 3-4 hour break.
SBI Nunhai branch manager Pankaj Kulshreshtha told India Today that this currency crisis has been looming since last Diwali and in the absence of cash flow from the RBI, the banks have been reduced to rotating cash they receive as deposits from petrol pump owners and big businesses.
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According to reports of TOI in Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may be dealt soon. SBI chief said that the problem of cash crunch at ATMs will be sorted out by tomorrow, April 20, 2018. "We are hoping that the problem will be resolved by tomorrow because cash is in transition and it is reaching these states by today evening", said Mr Kumar.
The first glimpse of that crisis was seen with the collapse of the real estate business in the country due to the cash crunch and thousands of small businesses had to shut down.
The bank official claimed the RBI had not been supplying new currency notes since October 2017 to the public sector banks, while the private sector banks were still receiving new currency notes. Such extra time printing was most recently seen post demonetization when the printing of new Rs2,000 notes was optimized to meet the liquidity lack in the market. "If we hold everything, then whatever supply we do have, it will be insufficient for the country", he said.
He also blamed hoarding of cash for the current shortage. "People should remain cautious about such conspiracies", he said. "So it is important that the currency is also recycled", Mr Kumar added.
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