1. Pay day chaos: Banks run dry Pan India, angry citizens burn PM’s effigy in Uttar Pradesh

Pay day chaos: Banks run dry Pan India, angry citizens burn PM’s effigy in Uttar Pradesh

Today being the 'pay day', banks of the country failed dramatically to meet the withdrawal limit of Rs 24,000 per person which was set by the Reserve Bank of India.

By: | Published: December 2, 2016 6:38 AM
Demonetisation, Pay Day Crisis, Cash Ban, Note Ban, Cash Crunch, Banks, ATMs, Cash Ban News, Narendra Modi, BJP Today being the ‘pay day’, banks of the country failed dramatically to meet the withdrawal limit of Rs 24,000 per person which was set by the Reserve Bank of India. (Source: AP)

Despite government’s constant efforts to ensure a seamless flow of cash across the country does not seem to have worked. Today being the ‘pay day’, banks of the country failed dramatically to meet the withdrawal limit of Rs 24,000 per person which was set by the Reserve Bank of India.

It has been reported that some banks disbursed only Rs 5,000 per person and those with better cash availability could provide only Rs 10,000-Rs 12,000 per withdrawal. With larger number of ATMs still not functioning, the ongoing cash crisis is touted to continue in the days to come. Being the first day of the month, the government and banks were under a severe pressure to meet the cash demand.

In a report published by India today, 42 of the 157 state treasuries in Kerala ran empty till afternoon leading to a massive chaos at banks. Speaking about the same, Kerala Finance Minister said that banks do not have the money to disburse. Till now, 42 state treasuries are unable to disburse money as cash did not arrive. The state had requested the RBI for Rs 2,000 crore of which the central bank had assured to provide Rs 1,000 crore by today, he added further.
Even many incidents of violence were reported in Uttar Pradesh. In Meerut, angry customers went on a rampage at a Syndicate Bank branch on Hapur Road after it ran out of cash. Dozens of vehicles were destroyed, traffic was disrupted and an effigy of Prime Minister Narendra Modi was torched, reported India Today.

Even in Maharashtra, people faced inconvenience in withdrawing money. Senior citizen and pensioners faced immense trouble as they had to wait in long queues to withdraw cash.

Even in Gujarat, several banks denied cash withdrawal due to the scarcity of funds and various ATMs were running out of cash. Some banks also returned people as they had exhausted the cash and were yet to receive more of it.

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