“Out Of Cash” – More Than 90% Of India ATMs Run Dry…(Our Future!?)

Sunday, April 16, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Apr 16, 2017

Five months have passed since the demonetisation drive, but the people of India continue to face a shortage of cash in banks and ATMs. The Times of India reports that more than 90% of the ATMs in the northern region do not have cash, and in the southern states as many as 65% of ATMs have run dry.

Speaking to TOI, State Bank of India (SBI) deputy general manager Ajoy Kumar Pandit said the customers are losing confidence in them due to the crisis. “Nearly 70 per cent of our 648 ATMs in the three districts are out of cash. The rest will also become dry in the next few days as we do not have cash to refill the machines. We are helpless from our side,” he said.

A banking source said the RBI has diverted most of the cash to north India due to the recent elections. This has affected the southern parts of the country. “The government’s intention is to encourage smart payment systems, but the infrastructure is not up to the mark,” the source said. Many ATMs have not been upgraded with the new software required for handling the new Rs 500 and Rs 2,000 denominations, the source added.

India.com notes that the worst hit is the common man, who has been suffering the pinch even as the government has made an effort to make available sufficient cash in ATMs across the nation. The post-demonetisation woes continue to haunt the common man in the country as many ATMs in metro cities seem to be running low on cash for the last one week.

The Rest…HERE

One Response to ““Out Of Cash” – More Than 90% Of India ATMs Run Dry…(Our Future!?)”

  1. Robert Edward Lee

    Ther’ll be plenty of ATM’s with plenty of Confederate Cash in the new south. Come on down ….

    Leagueofthesouth

    #3207749

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