Cash Shortage Issue Will Be Resolved By Tomorrow, Says SBI Chief

Cash is in transition and it is reaching the affected "states by today evening," SBI Chief Rajnish Kumar said.

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Cash Shortage Issue Will Be Resolved By Tomorrow, Says SBI Chief

Cash shortage has been reported in several Indian states including Bihar and Andhra Pradesh.


The problem of cash crunch being faced by some states will be resolved by tomorrow as currency is being transported to areas which are facing the shortage, SBI Chairman Rajnish Kumar said today.

Mr Kumar said there are certain areas where there is a problem with running of ATMs and availability of cash of particular denomination.

"It is not a uniform cash crunch problem. It is there in geographies like Telangana and Bihar. We are hoping that the problem will be resolved by tomorrow because cash is in transition and it is reaching these states by today evening," Mr Kumar told reporters in New Delhi.
 
sbi chief rajnish kumar

SBI Chief Rajnish Kumar blamed hoarders of the cash for the issue. 

The finance ministry said earlier this week that there is an unusual spurt in demand in some parts of the country like Andhra Pradesh, Telangana, Karnataka, MP and Bihar. In the first 13 days of the current month, the currency demand went up by Rs 45,000 crore.

Holding those accountable who are hoarding cash, Mr Kumar said the money should be recycled, meaning that if people withdraw money from the bank and the money needs to be deposited back as well.

"If we (people) hold everything, then whatever supply we (banks) do, it will be insufficient for the country. So it is important that the currency is also recycled," he said.

Economic Affairs Secretary Subhash Chandra Garg had earlier this week said that the government suspects that Rs 2,000 notes are being hoarded as they are not coming back into the circulation fast enough. To deal with currency shortage, the printing of Rs 500 notes have been increased five times.


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