New Delhi: Assuaging concerns over currency shortage in ATMs (Automated Teller Machines), finance minister Arun Jaitley on Tuesday said there is more than adequate currency in circulation and the same is available with banks.
Jaitley took to micro-blogging site Twitter and said that the shortage is ‘temporary’ and that it has been caused due to ‘sudden and unusual increase’ (in demand) in some parts of the country.
Earlier on Monday, there were complaints of cash shortage in eastern Maharashtra, Bihar and Gujarat. This was almost a month after ATMs in Andhra Pradesh and Telangana had run dry.
Since Tuesday morning, similar reports started emerging from different parts of the country, following which the finance minister issued the statement.
According to RBI data, currency in circulation as on April 6 was Rs 18.17 lakh crore, which is close to the number at the time of demonetisation. While the growth in currency has been almost flat (compared to the day before demonetisation), the need for currency has shrunk considerably because of the high level of digitisation.