Cash crunch reported in ATMs across the country, FM says no need to panic

The Hush Post: Residents from many states of the country are being greeted by ‘out of service’ messages by ATMs and are having difficulties in withdrawing money from banks. The problem has affected states like Andhra Pradesh, Telangana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.

However, Finance Minister Arun Jaitley allayed fears of the populace by saying that the sudden cash crunch was caused due to an unusual increase in cash in other parts of the country.

“We have reviewed the currency situation in the country. Overall there is more than adequate currency in circulation, and also available with the banks,” the finance minister said.

The Minister of State for Finance, SP Shukla also revealed that currency worth 1.25 lakh crore rupees was in circulation, and the Government of India, along with the RBI had formed committees to transfer money from one state to another. The entire process will be completed over a period of two-three days, he further added.

The Congress and the Communist Party of India (Marxist) hounded the government for what they alleged was a ‘mismanagement of funds.’ CPI(M) leader Sitaram Yechury and Trinamool Congress leader Mamta Bannerjee compared the current situation to the demonetisation situation of November 2016.

 

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