Cash situation at ATMs improving, availability increased: SBI
What's the story
The State Bank of India (SBI), the country's largest lender said today that cash availability at its ATMs has increased in the past 24 hours following reports of currency shortages and ATMs running dry from different parts of the country. Several other lenders, including PNB, Canara Bank, and Axis Bank claimed that cash shortage at ATMs was limited to select pockets.
Information
Unusual spurt in demand for currency led to the shortage
An unusual spurt in demand for currency led to many ATMs and banks running out of cash in Uttar Pradesh, Madhya Pradesh, poll-bound Karnataka, and some other states even as the government and the RBI assured the public that there was no currency shortage.
Availability
Availability of cash in SBI ATMs has improved
"Availability of cash in SBI ATM(s) has improved in the last 24 hours. Efforts are being made on a continuous basis to improve the cash availability further in a few geographies," said Neeraj Vyas, DMD (Chief Operating Officer) of SBI, in a statement. "The overall issue of less cash should come to normalcy within soonest possible time," he said.
The situation
SBI is constantly monitoring the situation
Vyas further said that the state-run bank is constantly monitoring the situation and making immense efforts to ensure the supply of currency in abundance at all our ATMs. A SBI spokesperson said that in general, the normalcy rates at the bank's ATMs remains at 92% adding, "It had dropped to around 85% yesterday. But the situation has improved today."
Details
Axis Bank said it has enough cash
Meanwhile, Axis Bank said it has enough cash, which is "better than the industry average and there is no such crisis". "Even if there are cases of ATMs running out of money it is because people from other banks are coming to withdraw money," an Axis Bank official said. The Reserve Bank had said last evening that there was no shortage of currency.