Salary week begins today: Banks, people fear cash shortage

Confusing the common public, the banks across the country fear a severe cash shortage as the salary week starts from today. As per the media report, large queues have been already formed in front of the preponderance of the banks across the country. Experts say that the people would mostly depend on the banks to withdraw their salary as they could only withdraw Rs 2500 from the ATMs in a day. It is learned that the people can withdraw nearly Rs 24000 in a week from the banks. Notably, the banks are expected to lower the cash limit if they find any difficulty to meet the demand. The fact is that even 23 days after the demonetization of the higher denomination bank notes, the majority of the ATMs are still cashless. Meanwhile, the government officials assert that the government has taken all the possible measures to bring down the difficulty caused by the demonetization. The authorities have pumped adequate money into the bank to meet the demand, say the officials. It is told that the Reserve Bank of India has ensured the supply of the new Rs 500 bank notes to help the people. Anyway, the issue is likely to disturb the employees working in the public sector as well as private sector. Forecasting the cash demand, several banks have reportedly sought additional cash from the RBI to meet the rush of the salary week. A bank source claims that the bank authorities have taken all the possible initiatives. The banks are planning to set up an additional counter also, the source added. Undoubtedly, this salary week will be a crucial period. If the government manages it well, then it can strongly go ahead with the plan without bothering any backlash.

Vignesh

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