Cash shortage being tackled quickly, says Arun Jaitley after ATMs run dry in several cities

New Delhi: Finance Minister Arun Jaitley on Tuesday said that cash shortage is being tackled quickly following reports that  ATMs were running dry in several states and cities including Telangana, Bihar, Hyderabad, Varanasi, Vadodara, Bhopal, and a few areas in Delhi. “The temporary shortage caused by sudden and unusual increase in some areas is being tackled quickly,” Jaitley tweeted.

“Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks,” he added.

Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly. — Arun Jaitley (@arunjaitley) April 17, 2018

(Also read: Cash crunch in many parts of India as ATMs run dry)

Earlier, MoS Finance SP Shukla said, “We've cash currency of Rs 1,25,000 crore right now. There is one problem that some states have less currency and others have more. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. It will be done in 3 days.”

Customers have been queuing in large numbers outside ATMs and banks for the last few days in several cities to withdraw currency notes from vending machines, but most of them were either out of service or had a board notifying “no cash”. Many customer also went to the bank branches but several bank officials said that the banks' infrastructure has been unable to handle the huge rush resulting in long serpentine queue.

A group of people in Hyderabad told news agency ANI, "We have been unable to withdraw cash from ATMs as the kiosks (ATM kiosk), in several parts of the city, have run out of cash. We have visited several ATMs since yesterday but it is the situation everywhere."

Similar statements were echoed in Uttar Pradesh's Varanasi where people said, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash. We have visited 5-6 ATMs since morning. We need to pay for the admission of children and purchase groceries & vegetables."

A few people outside ATMs in Delhi said, "We are facing cash crunch. Most of the ATMs are not dispensing cash, the ones which are dispensing, have only Rs 500 notes. We are facing difficulty, don't know what to do."