Heavy rush continues at banks and ATMs

  • Chaos and confusion everywhere

Hyderabad: Huge rush continued at banks and ATMs across Telangana and Andhra Pradesh to withdraw or deposit cash on Friday.

People expecting some relief with the scheduled re-opening of ATMs were in for disappointment as almost all ATMs remained closed. Some ATMs opened at a few places in Hyderabad but ran out of cash in no time. Officials of various banks said it would take a couple of days for the ATMs to resume normal functioning. They attributed the delay to the technical changes that have to be made for dispensing new notes. The banks are also yet to receive new Rs 500 and Rs 2,000 currency notes to be loaded into the ATMs. The agencies which operate the ATMs said demonetized notes of Rs 500 and Rs 1,000 were yet to be removed from 40 percent of the ATMs.

There was utter chaos at all the branches of the banks, especially public sector banks, for the second consecutive day on Friday. Serpentine queues were seen everywhere. People lined up since morning to either exchange the demonetized notes with new ones or deposit them. With the people parking their vehicles around the banks, it led to traffic problems at some places. The bank authorities and police had a tough time controlling the crowds.

Business too was affected due to shortage of small denomination currency notes. Small traders shut down their establishments. There was thin traffic in usually busy areas, reflecting the impact of demonetization on business and trade.

It’s Modi’s economic misadventure: Uttam Reddy

MeanwhileTelangana Pradesh Congress Committee president N Uttam Kumar Reddy has accused Prime Minister Narendra Modi of pushing the entire nation into chaos by demonitising Rs 1,000 and Rs 500 notes in a hasty manner.

“Poor and middle class have literally been pushed to starvation. While daily wage workers were not hired by anyone during the last two days, the middle class did not have smaller denomination currency to meet their daily expenses. The Prime Minister has created this crisis in everyone’s life just to display the power of his dictatorship,” alleged Uttam Kumar Reddy while addressing a massive public meeting in Nereducherla in Palakidu mandal of Suryapet district on Friday.

 The TPCC chief said that the Centre’s decision has infringed citizens’ right to life and trade, among others. He said while the Congress party supports crackdown on black money, the Prime Minister’s hasty move has only hit the poor, middle class, farmers, daily wage earners, small traders, students, self employed and the housewives. He said long queues at banks and post offices for the last two days clearly show that all sections were badly hit with the decision. He said that the government should ensure quick replacement of old notes by new ones. He said that the limitation for exchange of old notes with new ones and withdrawal limits from ATMs should be relaxed.

Stating that the regular cash flow into the market might not be possible in the near future, Uttam Kumar Reddy demanded that the Centre and State Government make some alternate arrangements to help the poor, especially the daily wage earners, who are victims of Modi’s economic misadventure. “The conditions, especially in rural areas, are extremely bad and lakhs of people have fallen victim to this ‘economic calamity’. Besides ensuring immediate help, the Central and State Government should also compensate for the losses which common people have suffered due to this sudden decision,” he said.

Uttam Kumar Reddy also questioned the logic behind introduction of Rs 2,000 denomination notes. He asked as to how Rs 2,000 notes would help in preventing the generation of black money? He feared that the currency might be used to hide black money in future.

-NSS

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