More than 3 weeks have elapsed since Demonetisation was announced. To say,“not much has changed’,will be a false statement. The situation is worsened due to fluctuating guidelines, increasing cash crunch which has swept the economy, coupled with serpentine queues at bank branches.
As per reports,public is highly aggrieved on account of liquidity crunch. Nevertheless,the public has mustered courage to face the situation with full hearts. Public has restored confidence in Mr. Narendra Modi,prime reason why public has still kept ‘silence in conformation’.
Needless to say, the date which is most awaited for servicemen/women is indubitably the month end. It is the time when salaries are credited and banks flourish with cash. Contrary to usual times, post demonetization, month-end comes with its own havoc to face.
On account of dearth of Rs.500 Notes, banks find it hard to cope with the salary withdrawal rush.
Some bankers said the expected bulk supply of Rs 500 notes has not arrived. “The amount that we get every day is more than the previous day. But small increases might not be enough to meet the month-end spike,” said an official with a private bank. Bankers say the rush is expected to start from Tuesday and last until about December 10.
“There are some small account holders who do not have any money in their accounts at the end of the month. They will be able to withdraw only after their salary comes in. We have to ensure that there is enough money for small accounts,” said an official with a private bank.
Private banks are also putting in place a string of measures including more counters, but the supply of cash remains a key worry for them. “My normal requirement is about Rs 15 lakh a day, but I am only getting Rs 5-6 lakh and it runs out by afternoon. Our ATMs are dry most of the time,” said the branch manager of a private bank.“ After the exchange of notes was stopped, queues have nearly vanished. But already people have started withdrawing the permitted amount of money to beat the rush.”