Panaji: The panic and queues at banks across the state may seem to have eased, but the ATM shutters remain down, with people still searching for avenues to withdraw valid currency notes. Bankers expect the liquidity crunch to continue for another week till notes in smaller denomination come into circulation.
As banks opened after a day's break today, people rushed to exchange old defunct bills or withdraw cash. Twelve days since the central government demonetized 100 and 500 notes, people still have to stand in queues for hours at ATMs, as most of the cash vending machines are either dysfunctional or running out of cash, due to the huge rush and demand.
“We have been delaying our grocery shopping because we cannot withdraw money. The lines are either too long at ATMs or banks have run out of cash,” said Ajit Parsekar, a resident of Calangute.
The move to scrap the old series of 500 and 1,000 notes from November 8 midnight has seen a sudden decline in money supply and a simultaneous increase in bank deposits.
Vegetable vendors, grocers and small stores, that depend on cash purchases, continue to report a slump in business. Small restaurants along the tourist belt also reported a drop in patrons and some restaurants have also temporarily closed their establishments for operations.
According to the Reserve Bank of India (RBI), banks across the country have reported that, since November 10, 5,44,571 crore has been exchanged or deposited into banks. Purely exchange of old notes amounted to 33,006 crore, while deposits amounted to 5,11,565 crore as on November 18.
RBI also pointed that customers have withdrawn 1,03,316 crore from their accounts, either over the counter or through ATMs.
ATMs, especially those operated by smaller nationalized banks, remained closed due to paucity of cash. Even ATMs serviced by large private sector banks such as HDFC, ICICI and Axis, remained closed for operations.
When asked if the new 500 denomination note would be introduced in Goa anytime soon, deputy general manager of State Bank of India, Plaban Mohanta, said, “They have to reach Mumbai first and then, they will come to Goa, but for now, I have no information”. tnn
TOI Goa News
As banks opened after a day's break today, people rushed to exchange old defunct bills or withdraw cash. Twelve days since the central government demonetized 100 and 500 notes, people still have to stand in queues for hours at ATMs, as most of the cash vending machines are either dysfunctional or running out of cash, due to the huge rush and demand.
“We have been delaying our grocery shopping because we cannot withdraw money. The lines are either too long at ATMs or banks have run out of cash,” said Ajit Parsekar, a resident of Calangute.
The move to scrap the old series of 500 and 1,000 notes from November 8 midnight has seen a sudden decline in money supply and a simultaneous increase in bank deposits.
Vegetable vendors, grocers and small stores, that depend on cash purchases, continue to report a slump in business. Small restaurants along the tourist belt also reported a drop in patrons and some restaurants have also temporarily closed their establishments for operations.
According to the Reserve Bank of India (RBI), banks across the country have reported that, since November 10, 5,44,571 crore has been exchanged or deposited into banks. Purely exchange of old notes amounted to 33,006 crore, while deposits amounted to 5,11,565 crore as on November 18.
RBI also pointed that customers have withdrawn 1,03,316 crore from their accounts, either over the counter or through ATMs.
ATMs, especially those operated by smaller nationalized banks, remained closed due to paucity of cash. Even ATMs serviced by large private sector banks such as HDFC, ICICI and Axis, remained closed for operations.
When asked if the new 500 denomination note would be introduced in Goa anytime soon, deputy general manager of State Bank of India, Plaban Mohanta, said, “They have to reach Mumbai first and then, they will come to Goa, but for now, I have no information”. tnn
TOI Goa News
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