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Cash crunch on pay day: Heavy rush at ATMs, banks

People Are Likely To Throng At Bank Branches As Central And State Governments Credit Salaries And Pensions To Millions Of Accounts. At The Central Level Alone, There Are Around 50 Lakh Employees And 58 Lakh Pensioners.

News Nation Bureau | Edited By : Arshi Aggarwal | Updated on: 01 Dec 2016, 12:45:06 PM
Cash crunch on pay day: Heavy rush at ATMs, banks (ANI image from New Delhi)

New Delhi:

Adding to the cash crunch woes, heavy rush is expected in banks on Thursday as ATMs ran dry within hours of salary credit on pay day on Wednesday.

People are likely to throng at bank branches as central and state governments credit salaries and pensions to millions of accounts. At the central level alone, there are around 50 lakh employees and 58 lakh pensioners.

Bankers said the government’s move last week to provide Rs 10,000 in advance to non-gazetted staff may provide only a slight relief.

Despite recalibration of nearly 70 per cent of ATMs do not have cash, while people are struggling with the problem of change as the operational ones dispense mostly high denomination Rs 2,000 notes.

Also read | Litmus test for banks: How Govt is handling pay day rush at banks

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First Published : 01 Dec 2016, 09:12:00 AM