Post-demonetisation cash chaos: Heavy rush at banks as they reopen after 3 days break

The banks and other financial institutions are expected to see heavy rush on Tuesday as they reopen after three days' break. Banks were closed between Dec 10-12 on account of second Saturday and Sunday followed by Eid Milad-un-Nabi.

On Monday, people faced a myriad of problems as the ATMs ran dry due to a long weekend. 

Many people expressed unhappiness that even a month after Prime Minister Narendra Modi’s announcement about demonetisation on November 8, the situation has not improved much. They say the government must take “corrective steps” quickly.

“It is now clear that the idea of demonetisation has failed due to lack of planning and execution. Many ATMs are still unable to dispense cash,” a city-based businessman said.

Also read | 0.75% discount on use of debit/credit cards, mobile wallets at PSU petrol pumps from December 13

Another businessman from south Mumbai said it took him almost one hour to find a functional ATM in the area.

“Thereafter, I had to spend another one hour in the ATM queue to get a single note of Rs 2,000. I think it is high time government should announce corrective measures to tackle the crisis, otherwise it is going escalate further.”

“Modiji is appealing to people to go cashless. I don’t know about the countrymen, but it seems that banks and ATMs are certainly following the PM’s words,” said Shyama Kukreja, who runs private tuitions in suburban Dahisar.However, there are still many, who feel that people should give more time to the government to see the positive effects of demonetisation.

Naresh Upadhyay, a medical representative, said, “Just see what is happening in Venezuela. This country has followed India’s footsteps in its efforts to eradicate the black money. It is matter of pride that other countries are now following our suit.”

Venezuelan President Nicolas Maduro has signed an emergency decree ordering the country’s largest banknote, the 100 bolivar bill, taken out of circulation to thwart “mafias” he accused of hoarding cash in Colombia.

Kavita Dhawan, an entrepreneur from Vashi in Navi Mumbai said, “The way huge stocks of currency in new notes are being seized, looks like that these are tip of the iceberg.  And this is the reason why people are dying in the queue. If Modiji has to make his demonetisation plan successful, then he needs to keep a check on the bank officers and employees, because without their help, such huge amount of cash cannot go outside the banks.”

(With Inputs from PTI)