You are here: Home » Finance » News » Banks
Business Standard

Cash crunch temporary, normalcy to be restored within a week: SBI chief

Reiterating Union Finance Minister Arun Jaitley's stance on the currency in circulation, Kumar said that the scenario is temporary

ANI  |  Mumbai 

A security guard sleeps near an 'out of service' ATM machine in Ahmedabad. Photo: PTI
A security guard sleeps near an 'out of service' ATM machine in Ahmedabad. Photo: PTI

Rajnish Kumar, Chairman, State Bank of India (SBI) on Tuesday assured the people of the country that the situation of is 'temporary' and that normalcy will be restored within a week.

"In the next week, things will start coming back to normal. There is a department which monitors situations like this. This is not new. The of India (RBI) has been given an indent to increase the flow of Rs. 500 notes in the system," Kumar told ANI.

Reiterating Union Minister Arun Jaitley's stance on the currency in circulation, Kumar said that the scenario is 'temporary'.

"Yes this is a temporary situation which is mainly due to geographical factors. There is one solution for it that a proper cash management system be maintained," he added.

Earlier, Arun Jaitley resorted to microblogging platform Twitter and said that the in the country is a 'temporary shortage', assuring the citizens that the situation is being tackled quickly.

"Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the The temporary shortage caused by 'sudden and unusual increase' in some areas is being tackled quickly," the Minister wrote on Twitter.

Further, Kumar attributed the currency problem to the 'procurement season'.

He also asserted that there is no in Maharashtra as far as the is concerned.

"One reason is that procurement season has come and the payment to farmers have gone up. In Maharashtra and Mumbai there is no as far as is concerned," Kumar concluded.

People in various parts of the country, including Delhi, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, Telangana, Maharashtra have been unable to withdraw cash from the ATMs.

Most ATMS across the country have gone dry, adding to the woes of the common man.

First Published: Tue, April 17 2018. 18:48 IST
RECOMMENDED FOR YOU