Congress leader Pawan Khera accused the government of doing politics instead of focusing on governance.
Senior party leader and former finance minister P Chidambaram also said the "ghost" of notes ban had come to haunt the government and alleged that the Rs 2,000 notes were printed only to help hoarders.
He also said there was a possibility that people had lost confidence in the banking system due to the "bank scams" and they were not putting their surplus money into the banks.
Mr Khera alleged that the government and its mouthpieces were coming up with fresh excuses daily, but they had to answer questions about where the people should keep their money as the cash crunch and scams had shattered their faith in the banking sector.
"This government is continuously doing cheap politics all day long and is not focusing on governance. How will the country run like this? There is a cash crunch in the country and the government and its mouthpiece are coming out with new excuses and theories," he told reporters.
Mr Khera alleged that the cash crunch was a result of notes ban for which the Prime Minister was solely responsible.
The Congress leader also asked why only one-sixth of the daily requirement of cash was made available to banks which were asking the RBI for more cash supply.
"If you keep your money outside the banks, then the bigger Modi (Narendra Modi) has problems and if you keep the money in the bank, then the 'Chhota Modi' (Nirav Modi) will take it away and flee abroad," he alleged.
"People are paranoid about their money. They are insecure about their money. They do not know the fate of their hard-earned money which they deposited in the banks," he said.
Noting that the government and Prime Minister Narendra Modi were not giving answers to the critical issues raised by the public, he said, "The government is vague about everything which is critical to the common man."
Mr Khera alleged that under the NDA rule, non-performing assets had risen by Rs 4.8 lakh crore.
He also took a dig at the RBI, claiming that till date it had not been able to tell the country how much cash had come back to the banking system after the notes ban.
He said after the rape and murder of Nirbhaya', the then Manmohan Singh government brought out a stringent law.
"It is not just empty words. We came up, responded to the outrage which we were all facing and came up with a stringent law. Show me one action by this government on any crisis.... that the country is facing," he claimed.
He also took a dig at the BJP, claiming that the only project which was completed ahead of time was the 7-star office of the ruling party.