New Delhi [India] Apr. 17 (NT): India is facing a cash crunch. ATMs are not dispensing cash. The situation has been the same for last 15 days. People have to visit several ATMs to avail cash but they found ‘No cash ‘notice out of the ATM.
Minister of State for Finance Shiv Pratap Shukla on Tuesday accepted reports of an alleged cash crunch in the country and said the shortage will be resolved within three working days as ANI reported.
In an interview taken by ANI, Shukla said that there is a disproportion of currency available in various states at the moment, and the government and the Reserve Bank of India (RBI) are looking into the subject.He added that the Centre has only Rs. 1,25,000 crores of cash currency as of now.
The Cash crunch in various parts of the country, including Delhi, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, Telangana, and Maharashtra knocked and people have been unable to withdraw cash from the ATMs.
In Madhya Pradesh people have been facing a cash crunch for the last two weeks while In Bihar's Patna also many ATMs have gone 'out of service' causing hassle to the locals.
However, Arun Jaitley said there is an adequate currency and declined the cash crisis.
“Have reviewed the currency situation in the country. Overall there is more than the 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” said union finance minister Arun Jaitley at the press meet.