Winter 2016 in India. The entire country was sent in a panic wave as Prime Minister Narendra Modi decided to demonetize the economy by bringing in stability in the country. The process consisted of scrapping of the 100 Rupee notes and to stop the black money hoarding and bringing a balance in the economy.
Now it seems that again the situation seems to return as many ATM’S across India run dry and pose as a problem for the common man.
Several states in Southern India have reported that there is tech crunch in the economy and that the ATM’S are not having sufficient cash.
The government is doing a reality check with the different banks and has also checked with the Reserve Bank of India. Now, recently there have also been reports from the other ATM’S also especially in the Eastern Maharashtra and Gujarat. It is also checking up with the Government that there is adequate cash in the economy and assuring the public that there is no need to fret over yet.
What does the Finance Minister have to say to this?
The Finance minister has to say that there is no need of worry and that there is enough cash in the system.
Also, he mentioned that some states may be having more currency while some may be having less currency and that the sudden withdrawal may be since people may have increase the cash withdrawals and so some of the states may have less currency than the others.
He also said that he has reviewed the currency situation in the country and the overall situation is being tackled by the Government.
The deposit growth has overall dipped in the country bringing to forth an overall slip in the cash currency.