Three months have passed since Demonetisation and the days of ‘No Cash’ signs on the ATMs are back to the city residents in Hyderabad. The city is back to the days of standing in long queues and going back dejected after seeing ‘No Cash’ boards has become a norm to the city residents in some parts. This is a result of a three day holidays and one day strike by the bank employees.
Friday, on the occasion of Shivaratri all banks observed a public holiday. The next two days were weekend holidays, Monday was a working day but banks could not fill the ATMs with the required cash. Senior bank officials said that it would be at least a week before things were back to normal as Tuesday will not see proper work in the banks too. A senior bank manager in the city said, “After that, the salary week begins and funds will be allotted for salary and distribution of pensions. Hence, the tight situation will continue for the next one week.” Also, the increase of the over the counter transactions in these days will affect the supply of the required currency to the ATMs.
After Demonetisation of the Rs. 500 and Rs. 1000 notes by the Government on November 8, the Reserve Bank of India (RBI) had controlled the supply of funds to the banks. This was later eased as the new Rs. 500 and Rs. 2000 notes came into circulation and were allocated cash as per request and demand. But the recent continuous holidays again affected the cash flow for the time being in the city, and will resume in a few days.
