Several states today experienced severe cash shortage due to the lack of currency in ATM’s while at the same time finance minister and the chairman of SBI shrugged off the problem as ‘temporary’.
Madhya Pradesh, Telangana, Andhra Pradesh and Bihar are some of the states that have been badly hit by the lack of money in ATMs. Several associates link this problem to the increase in the purchasing power of the people which automatically results in frequent withdrawals of currency.
According to State Bank of India’s (SBI) chairman Rajnish Kumar “The possible reason is that the procurement season has started. And the demand for payment to farmers has gone up.” Apart from that the Union Finance Minister of India, Arun Jaitley has deemed the problem as being short-term and in his recent tweet, he states that the country has more than enough currency.
Some of the possible solutions for the problem seem to be the adjustment of surplus currency from one state to another. “There is some requirement of Rs. 500 notes which we have requested the RBI to supply” Kumar said.
Kumar admits to the fact that there is a huge team working around the clock to resolve this issue and the situation is constantly monitored so as to take corrective measures as and when required.
Kumar states, “In the next one week, things should start returning to normal. And it’s not that across the country that there is a problem,” which is a clear indication that the cash crunch will last for no more than a week.