Chaos, long queues at banks; many ATMs still inactive

ATMs remained closed, so currency was only available from the banks.

Thousands of customers queued up outside banks and ATMs across the country for the second day today to exchange demonetized Rs. 500 and Rs. 1000 notes, but inadequate stocks of cash led to anger and frustration among the people who found it hard to meet daily necessities in the absence of money in hand.

Mr Modi announced the shock move on Tuesday night to ditch 500 and 1,000 rupee notes – worth a combined $334 billion – that he said were fuelling corruption, being forged, and even paying for attacks by Islamist militants against India.

Not all banks could stock their ATMs with cash, resulting in harassment to people.

Tens of thousands of anxious people massed outside banks and ATMs here on Saturday for a third day to deposit or exchange their spiked currency or take out cash. There were technical snags also at a few places. “There is an acute shortage of cash as old notes are no longer useable”.

Reports of ATMs running out of cash or simply becoming dysfunctional came from several parts of Mumbai including Dadar, Worli, Kandivali, Ghatkopar.

However, ATMs of all most all banks have put up boards of no cash and customers are seen returning back in search of another ATMs. We hope the situation would improve by tomorrow. “I got Rs 2,000 from bank yesterday, but what will I do with that as nobody is ready to give change”, she complains.

A security guard hands out request slips for the exchange of bank notes at a branch of the State Bank of India in Old Delhi. But those who deposit above Rs 2 lakh should furnish the source of money. I had run out of cash totally. As ATMs were out of service for two days, banks said they will re-configure their ATMs to dispense Rs 100 and Rs 50 notes. Petrol pumps are being given for minimum of Rs 500.

“I had notes of Rs 500 or Rs 1,000 only, so I asked my son to give me some money”, Tripathy told IANS.

“I had been hopping from one ATM to another while my father waited outside his bank branch to get the cash exchanged. “Today (Friday), we attended to more than three times the number of calls”, Special Commissioner of Police (Operations) Sanjay Beniwal said.

Venkatachalam said the bankers were a harried lot as they have to bear the wrath of common man for no fault of theirs.