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Aam aadmi reels under cash crunch
The woes of cashless people in Medak district continue to grow with each passing day, as shortage of cash in banks has multiplied problems being faced by the common people ever since the notes of high denomination were banned.
Medak: The woes of cashless people in Medak district continue to grow with each passing day, as shortage of cash in banks has multiplied problems being faced by the common people ever since the notes of high denomination were banned.
- Banks continue to witness serpentine queues
- Small businesses hit hard
After three days of bank holidays, on Tuesday people gathered near banks in large numbers to withdraw money. At the SBI main branch in Medak town, only Rs 5 lakh in cash was available, for which around 250 people had formed queues outside the bank since morning.
Due to extreme paucity of cash, the withdrawal was limited to Rs 2,000 per individual initially, but later it was increased to Rs 4,000 per person after people got agitated. About 100 people were given tokens to collect Rs 4,000 from only one counter, which was in operation by noon.
“We have been trying our best to get money from whichever sources we can get it from. At least those with savings can get Rs 4,000, but we are not able to give anything to businesses having current accounts with us. These businesses are suffering a lot due to cash crunch in our bank,” said Sudha, Chief Manager of SBI Medak.
The situation wasn’t any different in SBH Agricultural Development Branch in Medak town. The bank had received only Rs 10 lakh from the SBH main branch in Medak, which has the cash chest for all the banks in Medak. These banks get money from the chest in Sangareddy.
Bank Managers like Sudha have sought special permission from their head offices to source money from other banks, literally running from one bank to another, to ensure that the common people could withdraw money from their accounts. But that isn’t helping either.
All told, it is much easier to get money out of private banks, as there are no queues and it hardly takes a few minutes to give a cheque in the counter and get Rs 4,000 immediately. Weekly withdrawal limit is Rs 24,000. Not a single ATM is functioning in Medak town since demonetisation was announced on November 8.
