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  • Category: Miscellaneous

    Government wants digital transaction, banks want currencies be deposited. Result ? ATM's go dry ?

    I think at many ATM's there is no cash displayed in the notice board and people are having enormous difficulties in getting cash only at the branch. When asked about this situation, the FM Arun Jaitely said that Banks have been given with enough cash , and when the account holders are not transacting through cash at the bank, how come the banks maintain cash reserve ? Thus more digital transactions means less transactions and no money at the bank and naturally no money at the ATM's. What is your say on this latest development ?
  • #629064
    What the Finance Minister's feeling is, people are drawing more than required money and keeping the cash in the house or lockers. As such the cash is locked up and there is no currency for the genuine people for their requirement. He says they are sending more than required money to the Telugu states. The facts are not known. But whatever may be the fact a common man may be suffering. As a matter of fact no one should draw more money and keep in the house. We all know that if we are doing cash transactions more than the prescribed limits we are answerable to the IT department. In such case why people will do that. But these days there are many scams in banks. May be bank senior employees may be diverting the money and getting the shares. We don't know the facts.
    always confident

  • #629065
    When people resort to more and more transaction online and go digital then the cash requirement in the country goes down and naturally, the Govt slows down the printing of currency notes and tries to manage with the available currency in the circulation or bank vaults. This sometimes creates a problem in ATM as there filling up frequencies are reduced.

    India is a big country and even after a boost up in digital transactions the cash requirement is plenty especially in small towns and villages.

    Knowledge is power.

  • #629067
    The deposit of money in the banks is on the decrease these days. Almost all the ATMs are closed or without cash. People are keeping more money than required with them. The ' bail-in' clause of the FRDI created panic in the public. For cash one has to go to the bank only. Sometime back, I was asked to come later in the afternoon for withdrawal of Rs One lakh cash. Today I went shopping. I paid for petrol with my credit card and when my credit card was presented for the payment of the bill at the shop, it was declined by the machine. Three or more trials resulted in my credit card being declined in spite of the card is active. I had to come back without taking the goods purchased as I was not having enough cash. This is the problem with cashless transactions. No money in ATMs and sometimes the cards are rejected by the establishments. Sometimes they are asking for 2% or more for card transactions. We are suffering for the so-called digital transactions.
    " Be Good and Do Good "

  • #629113
    We have had this discussion in the past, periodically I've seen reports of ATMs running out of cash, even in Karnataka. I think, this problem is more in Andhra because there were a couple of reports earlier also. The AP CM, Mr. Naidu, last month is reported to have asked the center for Rs 5000 crore in currency notes for AP cash machines.

    Apart from what has been mentioned in the above responses, being the end of the financial year, there would be a shortage of the notes leading to a supply-demand imbalance.

    Where all the money gone?.

    RBI says notes are in plenty but bank ATM's are empty.

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