Demonetisation: Currency situation improves in Kochi
KOCHI: The currency situation on account of the demonetisation of Rs 500 and Rs 1,000 notes improved in the city on Monday with banks experiencing less rush and much shorter queues though the functioning of ATMs did not improve as expected. The flow of currency to the market also increased and the situation is expected to improve further on Tuesday. After three days of lull in the business, the vegetables, provisions, fish and other shops witnessed increased activity with denominations of Rs 100 and less coming into circulation. Banks too disbursed more such currencies.
The traders and bankers said that people were getting used to the situation and were cautious in spending. They will step up expenditures only after ensuring exchange of old notes or getting sufficient new currencies from the ATM and banks. The ATMs turned empty one or two hours after they were filled up. Bank branches received deposits of Rs 1 crore on Monday. However, there was heavy rush in the banks in parts of west Kochi and the rural pockets in the eastern, southern and northern parts of the district. The migrant population crowded the branches to remit money to their homes.