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11
November 2016
The
general public faced severe hardship in many parts of the country in getting
the demonetised currency notes exchanged. This is a round-up from three states:
Despite assurances by the Union Finance
Ministry and the Reserve Bank of India (RBI) of "sufficient currency
notes", most ATMs here and in some other parts of Uttar Pradesh went dry
on Friday.
People standing in serpentine queues
outside bank branches and ATM kiosks got rowdy at some places while at others
they openly aired their disappointment.
The Total Investment & Insurance Solutions
Although the ATMs opened on Friday after
a gap of two days, many remained cashless. Security guards at these ATMs faced
a tough time explaining the situation to angry customers.
Most of these customers said they had
urgent needs and emergencies requiring immediate money.
The RBI office in Gomtinagar here was
flooded with people who had more questions to ask but no cash to take away. The Total Investment & Insurance
Solutions
Police presence was increased at
important banks and ATMs following the huge public turnout.
Senior officials said they stepped up
security at most places as they feared the crowd might turn unruly in case the
people were unsuccesful in withdrawing money from banks.
Reports of minor spats between bank
customers and security officials at ATMs came in from some parts of western UP. The Total Investment & Insurance
Solutions
Small traders and common people were
facing severe hardship after demonetisation of Rs 500 and Rs 1,000 notes even
though ATMs opened on Friday after a two-day closure.
Long queues were witnessed at banks and
ATMs as people rushed to get new bank notes. However, they faced difficulties
in withdrawing money at hundreds of ATMs in Bhubaneswar and other cities as
many ATMs ran out of cash in a couple of hours. The Total Investment & Insurance Solutions
Lakhs of people were disappointed as
thousands of ATMs did not dispense cash. Adding to the woes, some ATMs were
still closed, said sources.
"I had gone to the bank on Thursday
and stood in the queue for hours. When my turn came, the bank manager said that
the new notes were finished by that time. Now, the ATMs have no cash. I don't
know what to do as I have no money," said Ranjan Samal, an engineering
student studying in a Bhubaneswar college. The Total Investment & Insurance Solutions
The few people who succeeded in
withdrawing money also faced problems in exchanging them in the markets for
smaller denomination notes like Rs 100, Rs 50, Rs 20 and Rs 10.
"Small businesses like medicine
stores and roadside food stalls are not accepting high denomination notes. The
local buses and auto-rickshaws are also not accepting them. Even though I
managed to withdraw money from an ATM, I cannot eat anything nor travel,"
said Biswajit Rout, a resident of Bhubaneswar. The Total Investment & Insurance Solutions
"Our business has been affected due
to the demonetisation. We hardly transact any business as we don't have small
denominations. People are coming with Rs 500 notes and we don't have change.
The problem will persist till the demand and supply gap in floating cash is
bridged," Odisha Byabasayi Mahasangha (traders' body) General Secretary
Sudhakar Panda said.
ATM outlets of many private banks
in Kolkata remained closed or had boards reading 'out of order' on Friday,
three days after demonetisation of Rs 500 and Rs 1,000 currency notes.
Bank branches, which had resumed
operations a day before, saw a more than three-time increase in footfall and an
almost five-fold rise in transactions as customers rushed to deposit, exchange
and withdraw money. The Total
Investment & Insurance Solutions
People, who were expecting to draw the
much-needed cash from the ATMs, which were slated to resume operations from
Thursday midnight, braced up for another day without money as several outlets
of even SBI were closed near the all-important location of Sealdah Railway
Station on Friday morning.
"The ATMs in the vicinity of my
residence are closed. I was hopeful that ATM outlets at a busy station like
Sealdah would be working. Now I am in a fix," lamented a passenger, who
has to undertake a two-hour journey daily to get to his place of work. The Total Investment & Insurance
Solutions
As per the rule imposed by the Reserve
Bank of India, each ATM card can be used to withdraw a maximum of Rs 2,000 in a
day. However, the surcharge on ATM cards beyond five transactions a month has
been waived for the time being. The
Total Investment & Insurance Solutions
Even some of the ATMs which were open,
ran dry after a few hours, angering people who had queued up before the
machines hours earlier. The Total
Investment & Insurance Solutions
The pace everywhere was sluggish.
Customers were not certain whether they would be able to make use of the ATMs
due to high demand. The Total
Investment & Insurance Solutions
"I am worried that ATMs might soon
go out of cash as many have brought multiple cards with them to withdraw
money," said a man, waiting in front of an outlet for more than a hour.
According to bankers, it would take more
than a week to completely flush out scrapped currencies from the ATM outlets
across the country and fill them with usable denominations.
"It would take almost 10 days to
bring normalcy in ATM operations", said SBI chief Arundhati Bhattacharya. The Total Investment & Insurance
Solutions
Though some people in the queues
commended the central government's move to curb black money in the country,
almost everyone agreed that their dash for cash would continue for at least a
few more days. The Total Investment
& Insurance Solutions
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