Demonetisation: 5 days to go for Dec 30 deadline, cash crunch continues

Narendra Modi had on Nov 8 said that cash woes will end in 50 days

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Bengaluru, Dec 26: With five days to go for the December 30 deadline set by Prime Minister Narendra Modi, cash crunch continues at banks and ATMs. Many ATMs are still not dispensing cash and on being asked, bank officials say they have no idea when the cash crunch would ease out. It is RBI dependent a bank official stated.

In the backdrop of the current cash crunch, the PM has called an economist summit to discuss reforms on demonetisation. The summit will be organised by NITI Ayog.

5 days to go for Dec 30 deadline

Reports indicate that the restrictions on cash withdrawals will continue beyond December 30. It may be recalled that Modi had assured that cash crunch woes would end in 50 days. On December 30, it will be 50 days since the decision on demonetisation was taken.

Also read: Mann ki Baat: Cashless transactions have increased by 200 percent says Modi

Several bankers have said that the restrictions on cash withdrawals would continue even after December 30. Currently several banks are unable to even disburse the current limit of Rs 24,000 per week due to cash crunch. In the present scenario, it would be impossible to ease the restrictions after December 30, bankers have also said.

Recently, SBI Chairperson Arundhati Bhattacharya had also indicated that restriction on withdrawals cannot be lifted entirely unless more cash is made available to banks. The RBI has infused Rs 5.92 lakh crore into the banking system between November 9 and December 19. This was done after 15.92 lakh crore notes were scrapped.

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