Hyderabad: Banks and ATMs had insufficient funds on Thursday to meet the demands of customers, leading to another day of frustration and disappointment for citizens.
Following the government’s latest announcement that the cap on exchanging old Rs 500 and Rs 1,000 denomination notes would be cut to Rs 2,000 from Rs 4,500, from Friday, all city banks saw a rush of customers.
Bankers maintain the RBI has failed to supply sufficient funds. A majority of bank branches in the city are getting a measly Rs 10-15 lakh from the RBI per day, and that too only in Rs 2,000 denomination, which is as good as useless for ordinary transactions as no one has change.
The Secretary for the All India Bank Employees’ Association , B. Seetha Rambabu, said bankers were caught between the RBI and customers. “Majority of customers are refusing to take the Rs 2000 notes, but we have no option. The RBI has issued oral instructions to banks to save money for the next day and close counters early. They are asking to store at least Rs 2 lakh in the bank for exchange the next day” Mr Rambabu said.
The secretary of the Andhra Pradesh and Telangana Bank Employees' Federation, Mr M.S. Kumar, said, “The city has about 1,000 banks and branches. Each bank is exchanging about Rs 15 lakh on average per day. The supply from RBI is not meeting demand. Most banks did not even get the indelible ink and bankers used marker pens instead.” He added that 500 of the 1,500 ATMs in the city are not functioning because of “non-recalibration by private agencies”.
The public is critical of banks putting up ‘No Cash’ boards at counters too early in the day. There were protests outside the Andhra Bank branch at B.N. Reddy Nagar near L.B.Nagar. The bank has been closed for three days days and angry customers alleged that money from the bank was being transferred to the pockets of VIPs. And following the protests, arrangements were made to open counters in the afternoon.
