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Jaitley reviews cash-crunch situation, calls it 'temporary shortage'

By Chennabasaveshwar

Finance Minister Arun Jaitley reviewed the cash-crunch situation reported from major cities across the country. Jaitley assured that there is adequate currency in circulation. There have been reports of currency shortage in at least six states -- Gujarat, Eastern Maharashtra, Madhya Pradesh, Bihar, Andhra Pradesh and Telangana.

Finance Minister Arun Jaitley

Soon after reports of cash-crunch across the country, Jaitley tweeted, "Have reviewed the currency situation in the country. Over all there is more than the adequate currency in circulation and also available with the Banks. The temporary shortage caused by 'sudden and unusual increase' in some areas is being tackled quickly."

West Bengal Chief Minister Mamata Banerjee tweeted, "Seeing reports of ATMs running out of cash in several States. Big notes missing. Reminder of #DeMonetisation days. Is there a Financial Emergency going on in the country? #CashCrunch #CashlessATMs," she said in a tweet.

Meanwhile, SBI Chairman, Rajnish Kumar Sinha said that the cash-shortage is due to geographical factors.

ATMs run out of cash in major cities across India

Sinha said, "Yes this is a temporary situation which is mainly due to geographical factors. There is one solution for it that a proper cash management system be maintained."

RBI report shows that the currency in circulation in the country has reached the pre-demonetisation level of about Rs 17 lakh crore.

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