ATM Cash Crunch RBI Clarifies No Cash Shortage
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The Reserve Bank of India made a key statement regarding the ATM Cash Crush present across the length and breadth of the nation. In particular, people living in the 6 states of Karnataka, Andhra Pradesh, Telangana, Rajasthan, Uttar Pradesh and Madhya Pradesh are facing a severe shortage of cash from the past two to three weeks.
In its press release, RBI stated that the cash crunch is due to ‘logistical reasons’ than anything else. ‘We have enough cash reserves in RBI Vaults and Currency Chests. Four Currency Printing Presses are functioning uninterruptedly. It is just a matter of a couple of days before this thing gets sorted out. The Reserve Bank of India is exploring all possibilities in solving this matter and is continuously monitoring the situation.
We are trying to transfer the currency from surplus locations to the places where the cash crunch is prevailing’.Shockingly, the common man is not even able to withdraw cash from the bank. The demand for ‘cash’ has been on an uptrend, despite the Government’s ceaseless push for digitization.