Nishikant Khajuria
JAMMU, Nov 13: Even after five days since the Government announced demonetization of two high-value currency notes, there was no respite for cash-starved people, who were seen queuing up outside bank branches and ATMs on Sunday.
With most of the ATMs running out of cash, distressed people were running from one place to another notwithstanding claims of the Reserve Bank of India (RBI) for taking adequate measures of supplying sufficient currency notes.
Despite waiting long to withdraw cash, a number of people in serpentine queues were still facing disappointment as the ATMs were getting dried before their turn comes. “I was standing in queue for the last more than one hour and as soon as my turn came, the ATM got emptied thus forcing me to search for other ATM,” said Akhil, a student of Engineering institute in Jammu.
Since capacity of all the ATMs has reduced to just 10 percent of their capacity following withdrawal of Rs 500 and Rs 1000 as Legal Tenders, the banks are finding it hard to meet the cash demand of people.
Pertinent to mention that each ATM machine has four cassettes, two of which were used to hold notes in denomination of Rs 500 and the remaining two were split between Rs 1,000 and Rs 100 notes.
However, following demonetization of Rs 1000 and Rs 500 currency notes, the banks are able to fill up only one cassette, meant for Rs 100 notes since the machines have not yet been recalibrated for dispensing the new currency. Fresh notes of Rs 500 and Rs 2000 are of a new size and design that require the software , which helps an ATM count currency notes and dispense them, explained Sunil Kumar, a banker and software expert.
“Usually, an ATM can store about 15-20 lakh worth cash but given the limitation of 100 rupee notes, it will be at most about Rs 2 lakh,” he added while explaining that the ATMs are running at just 10 percent of their capacity.
Finance Minister Arun Jaitley had yesterday said that the exercise of recalibrating ATMs for dispensing the newly minted notes would take two to three weeks.
The acute demand of Rs 100 denomination notes is also leading to technical snag in some ATMs as the agencies are filling up cassettes even with decayed currency notes, which are not accepted by the machines and thus hangs up dispensing of money.
Similar chaos like situation was witnessed in the bank branches across Jammu where people were seen in queues waiting for their turn to get the currency notes of Rs 500 and Rs 1000 exchanged. There were also unconfirmed reports of heated exchanges between infuriated customers and overworked bank officials.
When contacted, AGM RBI, A K Mattoo said that all out efforts were being made to ensure that people may not suffer for want of cash or exchange of demonetized currency notes at the bank branches. “We are working overtime to meet the demand and in case of any complaint, quick redressal is being ensured,” he told the Excelsior in response to complaint that some ATMs were not dispensing cash due to technical snag.
Surprisingly, despite facing acute difficulties in getting the old currency notes exchanged or taking out cash from ATMs, majority people expressed their support to the Government move on demonetization, aimed to curb black money in the country.
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