RBI denies cash crunch, says ATMs going dry due to 'logistics'

People stand outside a non-functioning ATM in Delhi. Several people complained ATMs were not working and some that were only dispensed Rs 500 notes

Finance Minister Arun Jaitley on Tuesday said there is "more than adequate" currency in circulation and the temporary shortage in certain states is being "tackled quickly". It said there has been "unusual spurt in currency demand in the country in last three months".

Meanwhile, days after banks in Gujarat run out of cash, officials said they were not getting enough cash from the Reserve Bank of India, complaints started emerging about ATMs going dry. Reports emerged of severe cash crunch impacting ATMs in cities and towns across Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.

The 2016 demonitisation measure scrapped 500- and 1,000-rupee notes (7 and 15 dollars), taking out 86 per cent of the currency in circulation in a cash-reliant economy. "To facilitate currency velocity, recalibration of ATMs to dispense Rs 200 denomination (notes) is progressing rapidly", Sinha said. "SBI is facing a major problem because payment under many government schemes is made through the bank". "Nirav Modi fled with Rs 30,000 crore and the prime minister did not utter a word".

He said people of India do not trust the Modi-led Central government anymore.

The hashtags #Cashcrunch and #ATMs are now trending in India, and here's what a few other people had to say on the issue of cash crunch.

"Modiji destroyed the banking system".

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He had taken up the issue with the Union Government, Mr Chouhan added. Nearly Rs 5 lakh crore worth of Rs 2,000 notes were printed after demonetisation.

Commenting on this, cash logistics company SIS Prosgur Managing Director Rituraj Sinha said cash withdrawal from ATMs has witnessed continuous escalation post demonetisation.

"We have noted that this is coming more from some parts of the country. We have visited several ATMs since yesterday but it is the situation everywhere", people in Telangana reportedly said.

Last weekend, media reports spoke of ATMS especially in smaller towns and villages not delivering cash over the previous week.

The Congress party also slammed the government for the cash crunch, questioning if the cash shortage was deliberate. She also wondered whether there was a "financial emergency" in the country.

"News reports say that ATMs around the country are running of out cash". The government has no plans immediately to restart production of Rs 2,000 notes.

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