Mysore

Short supply of currency hits ATMs in Mysuru, nation

Mysuru/New Delhi, April 17:- Almost half of the Automated Teller Machines (ATM) in the city displays ‘No Cash’ boards and Mysureans are facing a cash crunch, thanks to the upcoming Karnataka Assembly elections.

Mysuru city is witnessing brisk poll campaigns by various political parties, but the ATMs have been running out of cash and the common man again is in dilemma.

The ATMs in the city which once saw people queuing up for cash withdrawals during the demonetisation period is now displaying ‘No Cash’ boards!

Interestingly, there has been a rise in demand for cash in Karnataka, which goes to poll on May 12. More cash is supposed to be in play as campaigning warms up further. However, the shortage of cash is said to be the main reason for ATMs to go cashless.

According to the manager of nationalised bank in the city who wished to remain anaonymous, confirmed to CityToday that there was a cash crisis following short supply of money from the currency chests. There is a decline in the amount of cash given earlier and now to deposit it in the ATM machines.”

Centre, RBI steps in to tackle the shortage of cash

Mysuru is not the only city facing cash crunch, but many other cities and towns in the state and other states have also been facing the same problem. The Centre and the Reserve Bank of India (RBI) have now stepped in to tackle the shortage of cash in several states. Despite currency flow in the economy being higher than the pre-demonetisation level many states have reported shortage of cash over the past few days.

Reacting on the cash crunch situation in the country, the Finance Minister Arun Jaitley on Tuesday said that the shortage is temporary and is being tackled quickly.

“I have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly,” reports quoted Finance Minister Arun Jaitley.

Assam, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Jammu and Kashmir and Madhya Pradesh are the most affected states. RBI sources have said that “higher than normal withdrawal of cash” in these states have led to acute shortage of cash.-(KK)

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