Cash Crunch To Heighten Amidst Three-Day Bank Holiday

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Mumbai: With banks closed for three consecutive days from today and ATMs in the city still not functioning to full capacity, the ongoing cash crisis may escalate further leaving residents high and dry for want of cash during the weekend.

Customers are venting anger as most of the ATMs are running dry. As banks remained closed, long to moderate queues were seen outside different cash-loaded ATMs, while some ATMs continued to flash ‘ATM Closed’ placard.

Citizens who stood by government’s decision to demonetise high denomination notes earlier, are now running out of patience following reports that huge amount of cash in new currency is being seized by the Income Tax and police authorities across the country.

Referring to the cash seizure of Rs 85 lakh in Rs 2,000 notes from a person at Matunga in central Mumbai by police yesterday, he said, “Bankers are turning the bold decision by the Prime Minister into a meaningless exercise.”

Meanwhile, few banks including a private sector bank kept their branch open for accounting purposes. A senior executive of the bank having branch at Ghatkopar (East), said, “We have been asked to keep the bank today for accounting purpose and we are doing the same here. It is not open for public.”

Interestingly, few ATMs in south Mumbai dispensing Rs 2,000 notes were found empty, an indication that people are not in favour of possessing this high denomination note.

Due to the holidays starting from December 10, all the banks would remain closed for three consecutive days. December 10 being a second Saturday, December 11 being Sunday and December 12 being Milad-un-Nabi, Prophet’s Birthday.

Ajeet Kumar, an executive working with a pharmaceutical company, who withdrew Rs 2,000 from an ATM in suburban Andheri, said, “It seems that the real trouble will begin from tomorrow (Sunday) as few ATMs are currently filled with cash which would be over by evening today.”

 

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