With the Rs.500 notes available only in a few ATMs and banks still dispensing only part of the cash required, people have to make repeated trips. Many ATMs still remain closed and those dispensing are running out of cash fast.
After a month of demonetisation of the Rs. 500 and Rs. 1000 currency notes then in circulation, banks are struggling to cope with the salary rush and withdrawal of welfare pensions and the situation is still far from normal, according to bank officials.
After standing in queue for one and a half hours, a retired railway engineer K.V. Krishna Rao got only Rs. 5,000 at SBI Dwarakanagar branch. When asked for the Rs. 24,000 to be given, bank officials expressed helplessness stating they had to meet the needs of a large number of customers.
“The number of transactions has gone up multi-fold but the volume of business could be around 30 per cent,” SBI Deputy General Manager Ajoy Kumar Pandit said.
As only Rs.20 crore of Rs.500 denomination arrived for the district situation may not improve much.
With word spreading about availability of cash, Rs.2 lakh loaded in an ATM were exhausted soon, said a bank employee. With the RBI mandating that Rs.500 notes be dispensed only through ATMs, some are using multiple cards for withdrawal.
Others are stuck with Rs. 2,000 notes and banks are exhausted of Rs.100 or lower denomination notes.
While some branches are dispensing Rs. 24,000 at one go, many are still sticking to Rs. 12,000 to Rs.13,000 limit.
“As a result, the same person had to make repeated trips for more money,” Mr. Pandit said.
At the Maharaipeta branch of SBI, welfare pensioners, most of them getting Rs.1000 a month from the State Government, are sent in batches of 40 each to make withdrawals.
Staggered loading
Bank authorities are strategically loading ATMs at different times to avoid a systematic run.
“We are loading ATMs thrice in a day with Rs.2000 and Rs.500 notes as Rs.100 notes are to be given to welfare pensioners who get only Rs.1000 and are mostly illiterate,” Andhra Bank Deputy General Manager B. Viyalakshmi said. On the first day people used multiple cards to withdraw Rs.500 notes but later it was restricted to one card with deployment of personnel at ATMs, she said.
Most of the salaried people and government pensioners were being given Rs. 24,000 but they had to come twice, she said.
Bank officials said there has been an increase in RTGS and NEFT transactions. Dormant accounts are becoming operative and account-holders are collecting RuPay cards freshly despatched after demonetisation.
