As Empty ATMs Reported, RBI Says Shortage Due To Logistical Reasons | Read

PUBLISHED ON: April 17, 2018 | Duration: 3 min, 27 sec

   
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In response to reports that ATMs in several states are running dry, Finance Minister Arun Jaitley today conceded a "temporary shortage in some areas" and said it was being "tackled quickly". The Reserve Bank of India said the shortage may be felt in some pockets due to logistical issues and clarified that there is sufficient cash in RBI vaults. Complaints about cash crunch came from Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana. The opposition has targetted the government, citing the long queues outside ATMs after demonetization in November 2016. There have been suggestions that the shortfall could be linked to hoarding, high cash usage for weddings or crop procurement. The finance ministry has roped in the income tax department to pinpoint the reason.
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