Public angry over banks’ failure to fill ATMs

Public angry over banks’ failure to fill ATMs
Highlights

Public anger over failure of banks in ensuring supply of cash at ATMs has been growing loud in erstwhile Warangal district.

Warangal: Public anger over failure of banks in ensuring supply of cash at ATMs has been growing loud in erstwhile Warangal district.

Irked at the severe cash crunch, different organisations on Friday staged protest in front of banks, demanding stocking of cash at ATMs. A group of activists of Telangana Vidyarthi Sena (TVS) have staged a protest with black flags at State Bank of India, Subedari in Hanamkonda.

TVS founder-president Tirunahari Sheshu speaking to the press, complained that since the time of the NDA government’s demonetisation move, the public was facing trouble in finding cash at ATMs as well as in banks.

But, the banking regulator Reserve Bank of India (RBI) and the Central government have miserably failed to address the problem. The demonetisation move and the proposed Financial Resolution and Deposit Insurance (FRDI) Bill have made the public to distrust the banks, he felt.

He sought to know why there was cash crunch in the State even as the RBI claims of dispatching Rs 75,000 crore cash to banks in Telangana. He noted that the FRDI bill discouraged public from depositing cash in the banks.

The TVS activists P Surender, V Vijay, T Sanjeev and others wanted the union government and the banks to revive public trust in banking system and to address the issue of cash crunch, which has been troubling common people.

A similar protest was staged at Mahabubabad district, where the CPI activists have staged a protest in front of SBI branch at Nehru Centre. The party leader B Vijay Saradhi and others accused the BJP-led NDA government of throwing the banking system in the country out of gear with its faulty policies.

While the affluent sections were comfortable, poorer sections were forced to bear the brunt of cash crunch that made ATM go dry. It was quite unreasonable for the union government to exert unwanted pressure on the public, Saradhi complained.

The Centre, which cancelled Rs 1000 and Rs 500 currency notes, has failed to print Rs 2000 notes in sufficient numbers. Printing Rs 2000 notes in smaller numbers and mismatch between the growth of currency in circulation and the growth in economic activity have been causing problem, he said.

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