People across India are experiencing difficulties in withdrawing cash money from ATM machines across many states, as the Hyderabad, Bhopal, Surat, Varanasi and Delhi have been hit by the crisis and there is an urgency to balance the cash flow. The Reserve bank of India held a meeting, in which a committee discussed the crisis and how to overcome it. Minister of State for Finance, SP Shukla has stated that the situation has arisen because some of the states have low reserves of cash, which makes the it difficult for some areas to maintain the high quantity of cash.
According to Shukla, committees have been set up to access the crisis in the states that have been affected by the low cash flow, and it is expected to be resolved in three days. The situation was initially spotted in the south states of the nation, as there were reports of ATM’s running out of cash in various parts of Telengana and Andhra Pradesh. A proper cash management system has been suggested to overcome such difficulties, which could help in maintaining the cash in the states, so that there is no misbalance of the funds, and people don’t have to face the ordeal often times.
There have been several reports that people are finding it difficult to withdraw cash from ATMs, which either don’t have the desired amount of cash, are empty, or only have 500 rs notes. Finance Minister, Arun Jaitley has called the crisis a temporary one and has assured that the situation is going to be tackled quickly. Bengal Chief Minister, Mamata Banerjee tweeted today that she was seeing several reports of cash crunch across India, which was a reminder of the Demonetization. She also asked if there was a financial emergency in the country.
— Mamata Banerjee (@MamataOfficial) April 17, 2018