Bengaluru: As a new month begins with multiple bills to be paid and expenses to be met, the city’s middle class is finding the going tough as not all banks have enough money to meet its requirements post demonetisation.
Take 70- year- old Ratna Murthy, who stood in a long queue outside Indian Bank at 11 am to withdraw her deceased husband's pension of Rs 11,000 on Thursday, and left with a thousand less than she needed from the bank at the end of her ordeal.
"I was able to withdraw only Rs 10,000 and was told I could get the remaining amount next week. I have to pay a rent of Rs 5,000 in the meanwhile and other bills. I am old and tired, but I have no choice but to come all the way again to stand in a queue here next week," she complained.
Another woman, Ms Nethravathi Ravi, too found the Rs 10,000 issued by the bank too limiting. " My husband is the sole breadwinner. My rent is Rs 15,000, but all I could withdraw was Rs 10,000. How am I supposed to pay my children's school fees, water and gas bills, and buy groceries with this money?" she asked.
However, not all banks are tight of money in the city. At the State Bank of India ( SBI), for instance, people were seen withdrawing as much as Rs 24,000.
Explaining the discrepancy in cash availability in various banks, a retired banker, Mr Mayrose, says not all banks receive the same quantum of money. “Some banks like State Bank of Mysore are sub -currency chests and store RBI cash in their vaults. They can therefore withdraw more money for themselves and their branches, leaving other banks to suffer a cash crunch," he added.
Demonetisation: High Court reserves verdict
The central government on Thursday defended the demonetisation and argued that restricting of withdrawal limits to Rs 24,000 per week was a temporary phase. Following the submissions, the High Court has reserved its judgment on a batch of petitions filed by Co-Operative Societies Ltd challenging a clause in the notification passed with regard to demonetisation. The petitioner societies have challenged the Clause 6 of the Notification which restricts withdrawal limits to Rs 24,000 per week.
