The cash crunch on Tuesday continued to plague Bengalureans on Wednesday too.
The RBI circular specified requirements such as the provider should have a minimum fleet of 300 specifically fabricated cash vans with two custodians and two armed security guards, besides the driver.
Another senior manager of Bank of India claimed that although it was true the RBI was not sending enough cash, the ATM cash crunch was due to an entirely different matter as it was the fault of the outsourcing agency that fills the ATMs. He also stated that the situation is being closely monitored.
These rules also apply to service providers who are now engaged in these services with respective banks.
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The clouds of demonitisation have not cleared yet India faced the worst cash shortage across the nation with ATMs going dry and people running from one point to another. These conditions will affect cash supply in places where the sub-contractor company sizes are small.
Based on feedback received from initial searches in the two southern states, the TOI report said that the large contractors have been issuing cheques to smaller players for what was shown as sub-contract. The people who came to know of this inside information from banks began to hoard these currency notes.
However, he did not specify when the printing of notes stopped. Some ATMs are configured to have a minimum number of notes in various denominations, from Rs2,000 to Rs100. E-payments are stagnating, people are increasingly turning to cash - and the govt., precisely when more cash is needed suddenly cuts short the supply to ATMs.
These concerns are heightened by news that emerged in February of a US$2 billion (S$2.6 billion) fraud at state-run Punjab National Bank, where a jeweler allegedly colluded with a bank employee to siphon off money before leaving the country.
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"Is it correct that currency in circulation has increased by only 2.75 per cent since demonetization? It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests", the Central Bank of the country said in a statement.
According to the RBI data, during November 2016 to March 2017, Rs 82,168 crore was supplied to Hyderabad office of RBI which is the highest amongst all the offices of RBI in the country. This is a gap of roughly Rs 1.5 lakh crore to Rs 1.9 lakh crore.
Sources said an additional Rs 1,000 crore is being moved to Bihar, which is among the worst-affected states where only 65 per cent of the cash machines are operational.
Former finance minister P. Chidambaram has questioned the Reserve Bank's explanation following fears about a currency crunch as the Congress wondered whether the fresh "crisis" was a result of the government's "incompetence or intention".
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That's Fact #2: Cash demand was peaking because of harvest season. Additionally, with festivities like Akshaya Tritya, the demand for cash would have been higher than normal, especially in rural areas.
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