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Citizens continue to feel the pinch of cash purge
The denizens are hoping against hope that there could be a light at the end of the tunnel when the banks reopen on Tuesday after a three-day closure. The citizens are prepared to endure the pain of standing in queue for hours on end for drawing a pittance of Rs 2,000.
Harried lot wait with bated breath for reopening of banks
Hyderabad: The denizens are hoping against hope that there could be a light at the end of the tunnel when the banks reopen on Tuesday after a three-day closure. The citizens are prepared to endure the pain of standing in queue for hours on end for drawing a pittance of Rs 2,000.
- The three-day closure of banks has led painful experience for people, especially pensioners, daily wage earners and small-time vendors
- Moneylenders, taking advantage of situation, have reportedly jacked up interest rate on loans they are giving to roadside vendors and the poor
Having been put with innumerable hardships for the past one month to get even the paltry sum being disbursed by the banks, that too after patiently waiting in serpentine queues, the three-day bank holidays since Saturday came as a bolt from the blue for the cash-starved people, especially the poor and working class, to buy the daily essentials.
However, having become accustomed to the cash crunch in the wake of demonetisation of high-value currency notes, though they are cursing the powers that be under their breath, the hapless masses are trying to survive on whatever is available. At the same time, they also keep their fingers crossed and hope that the banks will receive enough cash for disbursement.
Small-time traders, vegetable vendors and roadside cafes, who have been reeling under the demonetisation impact, have reported steep fall in their business. Even a large number of domestic helps seem to have been hit hard by not receiving their salaries as the employers blaming the closure of banks for not getting required cash for payment of salaries.
Taking advantage of situation, moneylenders, it is learnt, have jacked up the rate of interest on the loans they are giving to small-time businesspersons and roadside traders. The devotees of Ayyappa have, however, not affected by the pain of demonetisation. A large number of devotees make a pilgrimage to Sabarimala from two Telugu States every year. Majority of them have book their train tickets in advance, the ban on high-value notes does not seem to have not come in their way to undertake the annual pilgrimage.
