'Payday Pain' grips people as banks unable to dispense adequate currency; chaotic queues make a comeback!

December 1, 2016- Queues returned to banks and ATMs on Wednesday as people rushed to withdraw cash after monthly salaries got credited in their bank accounts — the first since the high value currency was scrapped — signalling more pain as the crowd is likely to get bigger from today (1 December).

A PTI report said queues at most of the ATMs and banks across the city on Wednesday were shorter than expected though there were complaints that cash dispensing machines were either dry or shut and customers could not draw the maximum permissible amount — Rs 2,500 from ATMs and Rs 24,000 from banks.

Most private companies in India credit salaries to their employees on the last day of the month even as labour laws allow wages to be disbursed on any day before the 10th of the next month.

As soon as the salaries were credited, millions of employees began queuing up outside banks and ATMs across the country to withdraw cash to meet their monthly needs and pay utilitiy helps — domestic helps, drivers and clear monthly grocery, milk, newspaper and other bills.

Since the supply of notes from currency chests has failed to keep pace with the demand for cash after 86 percent of currency in circulation was declared illegal on 8 November, the chaos worsened on payday as more households need cash on hand than earlier with lack of currency notes or limited notes in their possession.

People were seen in bigger numbers on Thursday waiting to withdraw money. Many were annoyed by the rush and the arbitrary withdrawal limits set by banks. And the situation could get worse in the coming days as more number of people will receive salaries.

(Source: Firstpost)

(Image courtesy: News18)