Arunachal Pradesh: Scarcity of cash hits banks in state capital

Arunachal Pradesh: Scarcity of cash hits banks in state capital

Itanagar, December 8, 2017: Cash crunch hits several banks in the state capital creating problems while carrying out daily transactions or making large payments to customers.

There are reports that there is a serious shortage of small denominations–Rs 500, Rs 100 and Rs 50 at most banks in the capital as well as Papum Pare district. Customers are complaining that ATMs also only give out Rs 2000 and not Rs 500.

A senior manager of a private sector bank said, “We are facing a lot of inconvenience, but have somehow been able to arrange cash to overcome the scarcity. We are totally dependent on the SBI, which is the custodian of the chest.” Another manager of the bank said that the bank is currently arranging funds from its branches in Assam and other places.

Sources at the SBI said that the RBI is aware of the cash shortage. The SBI’s general manager said the ATMs are being replenished with Rs 2000 notes because of the scarcity of Rs 500 notes.

The SBI’s Regional Office’s Chief Manager, Tarun Kumar Boro, confirmed that almost all the branches of the bank are facing a cash shortage. “This will create problems as the RBI is not providing cash, although we have been sending our indents from time to time,” he said.

Boro explained that there is more demand for cash in December as it is a festive season. He also said that out of 72 ATMs in the capital complex, 15 have been vandalized and will take some time to be repaired. However, according to Boro, the remaining 16 ATMs in Itanagar and 41 in Naharlagun-Doimukh area are functioning normally. “They(RBI) have assured to look into the matter, but it will take two weeks to replenish the cash,” he further added. In the meantime, Boro urged customers to use net banking and digital transaction.

Feature image courtesy: Hindustan Times

TNT News with inputs from The Arunachal Times



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