The Reserve Bank of India made an important statement regarding the ATM cash crash across the entire width and breadth of the nation. In particular, people living in the six states of Karnataka, Andhra Pradesh, Telangana, Rajasthan, Uttar Pradesh and Madhya Pradesh have suffered a serious lack of cash over the last two or three weeks.
In his press release, RBI said that the financial crisis was due to “logistic reasons”. “We have enough cash reserves in safes and RBI coin machines, four-currency presses work continuously, it’s only a matter of days before this thing is settled, and the Reserve Bank of India is investigating all the possibilities to solve this problem and follows the situation.
We try to transfer the currency from surplus locations to places where the money crisis has the upper hand. “The common man can not even withdraw money from the bank.” Demand for “cash” is on the rise, despite the government’s relentless efforts to digitize.
One official said that the government has speeded down printing of banknotes and serves all four 24×7 presses. The press sells discounts of 500 and 200 Australian dollars this week without interruption to meet a deficit of 70,000 euros.
On average, the four presses of India Ltd Security Printing and Minting (SPMCIL) work 18 to 19 hours a day with a break of 3 to 4 hours. But since the ATMs dried up, the presses run 24×7, said the manager of PTI.
This impression of overtime was last seen after demonization when the printing of new £ 2,000 bills is accelerated to address the shortage of liquidity in the market.
The Reserve Bank of India (RBI) said Tuesday that there was enough money in the cash and crates with money. “Nevertheless, banknote printing has been accelerated with all 4 banknotes.”
Taking into account these billboards, Kumar said that the money must be recycled, which means that if people withdraw money from the bank, the money must also be repaid.