The Indian Wire » Business » Cash Crunch : Situation to normalize by Thursday – Top Bank Officials

Cash Crunch : Situation to normalize by Thursday – Top Bank Officials

cash crunch inr 500 inr 1000 notes
The ongoing chaos around unavailability of cash will ease out in upcoming 4 days, said an RBI statement.

Speaking on the ongoing cash crunch and uncontrollable queues outside banks and atms, top bank officials, who are regularly working on normalizing the situation in the country stated that the situation will be very normal by Thursday. They also stated that top management of RBI and Prime Minister are being briefed on the situation every 2 hours and that any emerging emergency situation will be handled as and when it arises.

A statement issued on the banking figures in the last few days, stated that transactions of worth INR 1.67 lakh crores have taken place in banks from the morning of November 9th till early morning on November 12th. Out of which, over INR 45,000 crores have been deposited in State Bank of India alone, the amount consisted of only the old denominations of INR 500 and INR 1000. On an average, in last few days, banks have been handling over 3 crore people everyday.

Next few weeks are going to be a lot tougher, added a bank official and stated that banks have been equipped with measures to tackle such situations and that the number of people might even increase to 4 to 5 crore people everyday in the coming week.

Bank officials along with the top government bureaucrats had a working Sunday to keep an eye on the situation arising from cash crunch. The feedback and the reaction from opposition parties was being briefed to Prime Minister every couple of hours, even when he was in Japan till Saturday night. The government is not leaving any stone unturned to let people not get too disturbed in their daily lives.

On Sunday Morning, Prime Minister had a meeting with the officials of cash logistics companies and RBI briefed him on how the new INR 500 note will help ease the situation. RBI is also hopeful of pumping in a great number of INR 2000 note to ease out the situation in next 4 days.

About the author

Kunwar Prithvi Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

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