Bengaluru: The recent demonetization move by the Narendra Modi government has brought the city’s economy to a standstill. People have been standing in queues every morning since November 10 to withdraw money.
Into the fifth day after the move, the government has been unable to properly ensure that ATMs are recalibrated and have enough cash. The currency crunch has the common man running from pillar to post. Banks, which were working on Sunday had long queues snaking out of their offices. Deccan Chronicle found out that HDFC Bank had closed early, while a few banks, such as Bank of Baroda and Canara Bank were functioning in the late afternoon.
ATMs were totally overwhelmed and unable to cater to the public demand. By afternoon, several ATMs in the city had downed shutters and had signboards outside stating they were out of cash. Yet there were people waiting outside.
Rahul V.S., a first year MBA student of Jain College told DC, “I have two Rs 500 notes in my wallet. But no petrol bunk is willing to accept them. Even buying lunch is a headache. The Shell Petrol pump close to my house has even put up boards saying they won’t accept Rs.500 and Rs 1,000 notes. At this rate it will be difficult getting to college in the near future. The government should have planned this move better.”
Working professionals too had a tough day. “I have my weekly off on Sundays. So I decided to head to the bank and to my shock, found the queue to be really long. I could not withdraw money as I just did not have the patience to stand in line. I will have to buy food using my card. This is so painful,” says Abhinav Vemuru, an HR professional who lives in Koramangala.
Senior citizens the worst hit
It was not just youngsters, working professionals and businessmen who bore the brunt of the demonetization move.
Senior citizens perhaps faced the biggest problem. Nasreen Faiyaz, a senior citizen, told DC that she had withdrawn Rs 400 ten times the day the announcement was made. “I drew money the day the announcement was made. There was a queue but I to withdraw at the local Syndicate Bank branch. I did see a lot of senior citizens like me waiting in queues to withdraw money when I was coming back from a funeral on Saturday.”
Anthia Madiath, another senior citizen who is a development consultant, said, “I have put off cash purchases and am using my card. That way I am lucky and able to manage. But I feel for people of my age who have to stand in line to withdraw money”
Sridhar. R, a senior citizen who found it very difficult to withdraw money, said, “I waited on Saturday for 45 minutes to withdraw money. I just could not stand in the queue any longer and lost my chance. I will try again tomorrow.”
The Hyderabad Biryani House on Victoria Road does not accept cards. But this establishment on Sunday ensured its customers did not go hungry! The restaurant offered patrons an opportunity to eat now and pay later. People who did not have cash on them were not turned away from this establishment, but were instead offered food and told that they could pay later!
Security cover for banks
Many bank branches were closed but Deccan Chronicle found out that State Bank of India branch was functioning beyond 5 pm and had a police patrol providing protection. There were also rumours of old currency notes being burnt at Avalahalli Lake near K.R. Puram.
Debit, credit cards stop working
With the currency crunch at its peak, there was more trouble in store on Saturday and Sunday. People using debit and credit cards to make purchases were in for a rude shock as the bank servers stopped working for a while. Most people were turned away from shops, eateries and bars as the servers had crashed and cards were rendered useless for a while.
People turned to buying groceries online and retailers made a killing. Cash purchases are being postponed, but online shopping has hit the ceiling due to the current currency crunch!
Although small traders were the most affected due to the crunch, some of them were seen telling customers to pay later for the purchases they made.
