ATM reality check: 60 per cent dry, Delhi worst hit; poll-bound UP, Mumbai flush with cash
In a reality check of cash availability in ATMs, the TVTN has found that over 60 per cent of the machines did not dispense money. While Delhi-NCR was found to be in acute shortage of cash supply, money flow was much improved in Uttar Pradesh, where assembly elections are being held and Mumbai, where civic body polls are slated for February 21.
Picture for representation. (Photo: PTI)
New Delhi,UPDATED: Feb 16, 2017 18:52 IST
It has been 100 days since Prime Minister Narendra Modi announced demonetisation of about 86 per cent of currency notes in circulation on Novemebr 8 last year. This decision set in a cash crunch, which has not improved on the expected lines.
TV Today Network did a reality check in several cities across various states to gauge the ground reality of the cash supply in ATMs.
CASH IN ATM: REALITY CHECK
- The reality check threw surprising results as 60 per cent of the ATMs of 114 surveyed were out of cash. Only about 39.5 per cent ATMs were working properly and dispensing money. Rest just ran dry.
- Delhi-NCR region seems to be the worst affected as only 6 of the 56 ATMs were found to be dispensing cash. 89.3 per cent ATMs were dry or not working.
- In Punjab 84.6 per cent ATMs were not dispensing money as only 6 out of 16 machines were found to be working in Amritsar, Pathankot and Chandigarh visited by the TVTN teams.
- In Gujarat's Ahmedabad 54.54 per cent ATMs were dispensing cash as 6 out of 11 machines were found to be working.
- However, Uttar Pradesh and Mumbai were in good supply of cash in ATMs. In Uttar Pradesh 84.6 per cent ATMs surveyed in Lucknow, Varanasi and Allahabad were dispensing cash. Only 2 out of 13 ATMs were not working in UP.
- In Mumbai 87.5 per cent ATMs dispensed money as 7 out of 8 ATMs had cash supply.
- Just a day ago, Finance Minister Arun Jaitley had said that money supply was 'surplus'.
- Jaitley said, "The Department of Financial Services is collecting details about money in ATMs. There might be a few operational issues in some locations? I get report on a daily basis? we are monitoring it so that these kinds of situations do not arise. Currency as of now is in surplus, there is no shortage."
- After demonetisation was announced, the RBI imposed a cap on withdrawal of cash from ATMs and banks. The cap has been relaxed a few times. There is still a cap of weekly withdrawal of Rs 24,000 from savings bank accounts.
- The RBI has said that the weekly cap will be raised to Rs 50,000 from February 20 before it is totally removed from March 13.
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