Reports of cash crunch in India as some ATMs run out of cash
In what is giving people on Twitter demonetisation flashbacks to November 2016, some ATMs across the country are running out of cash. People in states like Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana have reported that ATMs are either not working or have run out of cash. News agency ANI quoted people from Hyderabad as saying they had been unable to withdraw cash since yesterday. Similar reports came from Delhi and Varanasi. In Bhopal, reports ANI, many have been unable to withdraw money for 15 days.
The cash crunch in India has created anger as well as panic on Twitter, where many have shared their discontent. The hashtag "CashCrunch" also began trending soon.
Many compared the situation to the time of demonetization in November 2016, which saw much of the nation queued up at ATMs for days
Other expressed their anger
The centre
says the "problem" will be resolved in three days. Finance Minister Arun Jaitley said in a tweet that there is "more than adequate currency in circulation and also available with the Banks." He said that the "temporary shortage caused by 'sudden and unusual increase' in some areas is being tackled quickly."
Sources have told NDTV that the RBI has directed banks with surplus cash to help banks with a shortage of funds. Sources say there is a mismatch of supply and demand of cash, and transactions at ATMs have also gone up from Rs 3,000 earlier to Rs 5,000 now.
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