Demonetization seems haunting people in this month of March also.
Almost all the ATMs are devoid of currency notes in the first week in Hyderabad. Many ATMs owned by private and public sector banks are displaying ‘no cash’ boards since Wednesday morning leaving people disappointed. Many people were seen returning without cash from ATMs. People are also seen staying in serpentine lines at a few ATMs having currency notes available.
After the demonetization under which high valued currency notes of Rs 500 and Rs 1,000 were scrapped in November last year, people faced huge difficulties in getting currency notes till January. After the release of newly introduced Rs 2000 and Rs 500 notes, the currency crisis looked to have been solved.
The bank officials said that after lifting ban on withdrawal limit in February last week, currency notes lying in ATMs and banks have been withdrawn by the account holders. After withdrawals, money circulating in the market is yet to be deposited in the banks by the individuals or commercial establishments.
The currency crisis will be solved only with the intervention of the RBI.