Chennai: By Pongal, queues in all nationalised and private banks will reduce as deposits of new currencies from account holders are coming in.
Though the new Rs 500 notes have added some respite to Chennaiites, the deposits from customers to send money for their families in north India and repayment of loans and monthly bills have made things little better, opine bank managers in Chennai.
According to SBI Bank sources, SBI ATMs are now dispensing more cash denominations including Rs 500 and 2,000 notes. Further the customers with cheque books are also given more cash when compared to last month, sources said.
"One of the important aspects is that Chennai is a hub for migrant workers and skilled labourers from other states. Those who had received their salaries are now depositing their salaries to send cash back home and this helps us to rotate the money", said SBI chief manager in south Chennai. Currently the Rs 2,000 notes circulated by the banks are coming back as deposits. However these deposits range in thousands and there is no huge deposits in lakhs, the manager clarified.
" At present the demand for other banking services like passbook entry and cheque book issuance has shot up and we are hoping the situation to further improve by next week", said a senior cashier with Canara bank in Central Chennai.
"Though the salaried class and government employees are adjusting with the minimal cash, traders are the worst hit. The cash crunch has hit my business by more than 40 per cent for the last 40 days," rued P Jothiraj, who is in to the wholesale business of general provisions and dhal.
