Cash crunch continues in the district

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Nashik: As more than 50% ATMs in the city are shut since a month, citizens are worried. In addition many are also worried about the new Ransomware attack. Currency of Rs. 36 crore only is available in the district and senior bank officials are unaware about when the situation will get normalised.
Following scrapping of Rs. 500 and Rs. 1,000 notes, cash crunch is being experienced within four months.

Payment of service persons and pension holders is given from first day of the month to 10th day of the month. Queues are being seen at the few ATM centres where cash is available. As banks were shut due to second Saturday and Sunday, citizens had to face cash crunch on a large scale on these two days. Citizens prefer to withdraw money from ATMs instead of bank counters. However, as ATMs have gone dry, there is rush in the banks to withdraw money.

Rs. 83 crore was expected from the Reserve Bank of India on Monday, but it has not arrived yet. Currency chest managers in the city are taking follow up with the RBI for the expected currency.

Meanwhile, account holders did not receive their salary amount on the day of their salary. Currently, there is no limitation on withdrawal of money from the bank or ATM centre.

ATM centres where cash is available currently are going dry within some hours due to rush of people. As account holders are able to withdraw money from banks, some banks have shut their ATM centres and are giving priority to account holders coming to the bank. The situation is likely to remain the same till regularisation of currency supply from the RBI, bank officials are stating.

Meanwhile, as State Bank of India has appointed a separate DGM for control of currency, this problem is likely to get resolved to some extent. Sudhir Bhagwat has been appointed for Nashik, Dhule and Nandurbar circle. The office of DGM will be started at old State Bank of Hyderabad at NICE estate in Satpur area. Bhagwat himself is providing his attention to this and the office will be started soon, informed SBI.

Currently, Rs. 20 crore for rural area and Rs. 16 crore for urban area in the district, amounting to total Rs. 36 crore, is available. City requires currency of Rs. 50 crore on an average daily. The condition will improve after proper supply of currency from the RBI resumes, informed a senior official of a nationalised bank.

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