Money demonetisation: ATMs not functioning in Noida

An IANS correspondent visited various Bank ATMs in the area on Friday and found that a lot of them were not operational.

Shutters of ATMs of State Bank of India, HDFC Bank, Bank of Baroda, Yes Bank, Dena Bank were down in many parts in the financial capital of the country. But he only met with frustration.

Customers said that a majority of the ATMs were either not dispensing cash, or stayed non-operational since morning.

Numerous people who visited banks were surprised to see “out of order” bills outside ATM booths.

“I went to ATMs in Gandhi Nagar, Nehru Nagar, head post office, Patel Nagar”.

“We had paid salaries to around 700 workers on Monday but a lot of them haven’t been able to change their money at banks and are complaining about a cash crunch”, Vikram Deep Singh Sekhon, a tea garden manager in West Bengal, told AFP. People could withdraw only up to Rs 2000 from the ATMs which worked.

Banks will also remain open through the weekend with longer working hours. “I do not know from when they were standing”.

The managers at the bank told The Indian Express that they have been told not to talk to the media but admitted that people are depositing old Rs 1,000 and 500 notes in their accounts. “I hope government would take some corrective measures soon”.

“Surely the cost of funds is something that is going to ease”, she said, adding the bank believed that would result in a fall in lending rates.

The bank’s total income for the period under review increased to Rs 50,742.99 crore compared with Rs 46,854.81 crore for the quarter ended September 30, 2015.

There was no limit on deposits but banks sought PAN number for major amounts. The rush is more than yesterday’s (Thursday).

Even the SBI ATM’s shutter was down by afternoon, when the bank ran out of cash and people were only able to deposit money in their accounts. We need to bear it with the nation. ‘ Corruption, black money and terrorism are festering wounds which make the country hollow from within, ‘ he said.

Economists and some businesses, especially those involved in cashless payments, have welcomed the “demonetisation” scheme as a vital step towards broadening the formal economy and improving tax compliance.

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. “It will bring in troubles for the common man due to the difficulties in exchanging it with notes of smaller denomination”, he said.

Some people were seen queuing up outside various banks in the city as early as 6:00 AM to exchange the old notes.

ATMs started functioning from the evening, giving relief to the customers.