“Sunny hamlet has a glass of sugar and mozzigo but there is no money in the pocket and 15 ATMs in the morning, it’s easy to stop at any kind of cash in the city and now it’s going to go to the shops that buy cards,” said Harsh, a sales executive in Hyderabad.
This is not just the situation in Hyderabad. Telangana and Andhra Pradesh, according to official sources, 50 per cent in Telangana and 25 per cent of ATMs in Andhra Pradesh do not work.
The central government and the RBI have not taken corrective action, says the bank’s Employees’ Association (AIBEA) secretary BS Rambabu.
‘People are storing that they can not get cash’
“India is a cash-oriented economy and people have suffered a lot of money after the banknote canceled, and the people are willing to keep cash on their own, and they do not believe in the banking system, and the cash value of the two thousand rupees It’s easy to store this Utondi “said the soccer.
According to the Reserve Bank of India report, the bank has to pay Rs. 17.97 lakh crore is in cash. In it, Rs. 500 notes, Rs. 1,000 note worth Rs. 15.44 lakh crore. The RBI, which was canceled, has been levied at Rs 2,000, Rs 500, Rs 200 and Rs 50, respectively.
Invalid Rs. 500, Rs. 1,000 notes of Rs. 15.28 lakh crore back in the RBI. Between November 2016 and March 2017, Rs. In a recent session of the parliamentary session, the Finance Ministry said, “82,168 crores has been transferred to RBI in Hyderabad. The amount of cash in the country is also the same.
‘The reason for lack of cash circulation’
According to the Andhra Pradesh State Level Bankers Committee (SLBC), the largest ATMs in the state are 6,385. There are 1,523 working out of which there are no 842 ATMs and no money.
SBBC state convenor Sivawaraprasad said that the number of non-working ATMs is just big banks. The lack of cash circulation is one of the reasons for the cash shortage problem.
“We have a small amount of banknotes now and we are going to have to pay a minimum amount of banknotes, but we are worried about the need for cash to come,” Savara Prasad said.
In February 2018, the state government paid Rs. The Finance Minister said in Parliament that the amount of RBI was sent to his department in Hyderabad in response to the letter written for seeking Rs 5,000 crore.
‘People do not believe in scams’
According to information from Telangana State Finance Ministry officials, the banks in the state after the cancellation of the banknotes would be held by March 2018. 73,642 crores. Information about 50 per cent of the 8,500 ATMs in the State is not working. The state finance minister wrote a letter to the RBI in February asking for cash.
“I have written a letter to the Governor of the RBI and said that Rs 6,000 crore would be needed for the State Farmers’ Benefit scheme, which is positive,” he said. Under the farmer’s scheme, money is given to the farmers to pay the money in the form of a check.
Rajendra said that people have lost confidence in the banking system. “There is no money in the banks and the people are storing money and the money is not being deposited in the banks again and it looks like people are going to have confidence in the banking system,” he said.
‘Bail-in clause’ of concern’
BS Rambabu also expressed concern over the issue. In June 2017, the Financial Resolutions and Deposit Insurance (FRDI) Bill were proposed. The bill, currently under consideration of the Joint Parliamentary Committee, has a ‘bail-in clause’. It is a proposal to use depositors’ money if the bank or financial institution is required. Rambabu said that the proposal was caused by unnecessary misconceptions among the people.
These fears were not the cause. The 65-year-old Saraswathi lost his husband and the bank went to work. Now the bank has withdrawn a fixed deposit from the bank. “If my husband had some money, I kept the money in a fixed deposit, but now I can not take my money without knowing it.
‘RBI does not charge enough money’
However, Union Finance Minister Arun Jaitley assured investors in public sector banks that the money would remain secure. “The government takes full steps to protect people’s money, so there is no need to panic.”
Andhra Pradesh SLBC Convener Sivavara Prasad said, “It is difficult to adjust the money if people do not withdraw money back.
RBI is also responsible for cash shortages, “said a senior SBI official. “If there is any shortage, it is natural that the idea that it should be stored in advance is not the same,” he said.a
He said that the cash shortage was a gradual problem that resulted in the annulment of the notes.