There are no Rs 2000 notes in circulation. No ATMs have cash. People are holding back cash. The politicians are hoarding cash for Karnataka elections.
Even after demonetisation activity started the ATMs are having cash crisis after demonetisation. There is no cash with some banks. The deposits are going down in the banks. The banks are not giving more than Rs 50000 for withdrawals.
The no cash with ATMs still continues after 6 months. After demonetisation of Rs 500 and Rs 1,000 denomination notes, serpentine queues of people were seen outside ATMs. The private banks functioning till late night are provided only Rs 2,000 notes, creating a shortage of lower denomination notes in the market. Now there is no cash in the ATMs as usual and people have started withdrawing all the funds and keeping them at home.
Majority of the ATMs in Hyderabad are empty. They display the no cash boards. Some of them have downed the shutters. Now you are at the beginning of the month where people need money. If the ATMs are closed they will be forced to go to the banks and they have to spend half a day at the bank for just one transaction. That is the pace of work at the banks these days.
People complained that even they have to run from one ATM to another to withdraw cash. Several complained that majority of ATMs are closed in city.
However, public sector bank officials said that ATMs in only commercial areas in Srinagar, Banjarahills, Parklane, Abids among others, run out of cash very soon. At the same time from April one the banks are charging for every transaction. They want to make it very commercial in the near future.
But they will lose ordinary customers in the process.The customers are now running from pillar to post for withdrawing cash as majority of the ATMs dont have cash.
