3-day bank holiday may worsen cash crunch trauma
Amid the cash crunch, the three-day holiday to banks starting from Saturday till Monday, on account of Barawafat, has started giving anxious moments to the people.
Amid the cash crunch, the three-day holiday to banks starting from Saturday till Monday, on account of Milad-un-Nabi, has started giving anxious moments to the people.
The consecutive holidays to banks are feared to make things worse for the common man on the streets. Bulk of transactions would be shifted to ATM machines for cash withdrawals but due to the upper limit of Rs 2,500 the account holders won’t be able to take home more than Rs 7,500.
The situation would be much worse for the rural masses where even ATM network has not been able to share the burden during the past one month.
The different service providers, who are engaged by different banks for refilling the currency notes in these ATM machines have been directed to pull up their socks to ensure adequate flow of currency notes to avoid any inconvenience to the customers.
“There seems to have been too many holidays for banks this week while the woes of the common man do not seem to end. I could not withdraw the money earlier this week due to long queues, then there was Parinirvan Diwas holiday and today again there is so much rush," a senior citizen B Pandey told Times of India.
People are still struggling to withdraw cash. At most times, bank employees complain of server being down which results in endless wait and queues not moving.
On Friday, a massive rush of people was evident at various branches across the city with people forming queues to withdraw cash to meet their daily needs and expenses. But banks were not able to meet the requirements of the people as some were still reeling under cash crunch.