Demonetisation: Queues Get Shorter At Banks. No Respite At ATMs. | Next Level Education
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Demonetisation: Queues Get Shorter At Banks. No Respite At ATMs.

Demonetisation: Queues Get Shorter At Banks. No Respite At ATMs.

In the wake of certain restrictions on money exchange norms by the government, chaos and rush at banks eased but the situation did not quite improve at ATMs as people were still seen waiting in long queues to withdraw valid currency notes.

As banks opened after a day’s break today, people rushed to exchange old defunct bills or withdraw cash. On the 12th day of demagnetization, 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.

There have been reports coming from different parts of the country about people being frustrated with the shortage of cash at branches, leading to scuffles with bank staff members and has even lead to rioting at some branches.

Besides, those having a wedding in their family are still not able to withdraw Rs. 2.5 Lacs from their accounts, even after the relaxation announced by the Centre five days ago.

Banks said they have not yet received operational guidelines from the RBI in this regard.

People are visiting their branches with a gazette notification that talks of relaxation for farmers and for marriages, however, most still face difficulties.

“Withdrawal for marriage purpose can be availed only after RBI’s notification, which will have clear direction about the various formalities needed to be furnished by the customers for withdrawal,” said a senior public sector bank official.

To prevent a repeat of customers, banks at many places have started using indelible ink to mark the fingers of people who are exchanging old notes.

Read the Main Article here: http://www.ndtv.com/india-news/demonetisation-queues-get-shorter-at-banks-no-respite-at-atms-1628084

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