Rush for cash: New Rs. 500 still out of sight

Rush for cash: New Rs. 500 still out of sight

A long queue outside an ATM in Mysuru on Monday.—PHOTO: SPECIAL ARRANGEMENT

RESIDENTS CONTINUE TO THRONG BANKS; MOST ATMS REMAIN NON-FUNCTIONAL ON DAY 5

Long queues outside banks and ATMs continued for the fifth day on Monday despite efforts by banking institutions to stock up currencies to cater to the demand.

Most ATMs remained non-functional and a few ran out of cash quickly. Standalone ATMs remained non-functional and those attached to banks were found working for a brief while.

Despite RBI guidelines increasing ATM withdrawal limit to Rs. 2,500 a day, the ATMs dispensed only Rs. 2,000.

Despite being a holiday on account of Guru Nanak Jayanti, the staff of banks and postal department worked to clear the rush.

In the wake of scarce availability of Rs. 100 notes, most banks have started dispensing the new Rs. 2,000 notes. But, some people were hesitant to accept the new currency as they argued that suitable change was not available for the currency.

Mysuru district Lead Bank manager K.N. Shivalingaiah said the rush would subside once the new Rs. 500 note was introduced. “But, we don’t know when the new note is going to be distributed to us.”

“Customers are being asked to have patience and wait for a few days. Until the ATMs are recalibrated, the rush will continue. People are withdrawing money daily to make payments later,” sources in banking institutions said.

Responding to the suggestions and reports in the media on the need for separate arrangements for senior citizens and persons with disabilities, Mr. Shivalingaiah said some banks had provided separate queues. “I saw those in queues making way for elder citizens. Chairs had also been provided. Pandals have been put up by some banks,” he said.

Source : http://www.thehindu.com