Micro ATMs a hit to ease cash crunch

People have started withdrawing money from Micro Automated Teller Machines (ATMs) installed in Bhopal.

The concept of Micro ATM has been initiated by the government to ease the cash crunch situation and to beat the queues due to the demonetisation move in the country. Banks have appointed agents to run a micro ATMs to help the people of rural and semi-urban areas, where the network of ATM is not strong.

The banks today have allowed only senior citizens to withdraw or exchange cash. They can go to any bank branch to exchange notes which have ceased to exist as legal tender after government's demonetisation move.

Senior citizens were noticed waiting outside a bank in Hyderabad and Moradabad to withdraw or exchange their money.

Indian Banks' Association (IBA) Chairman Rajeev Rishi said working hours at banks on Saturday would be devoted to their own customers and added that only senior citizens have been exempted with regard to the exchange of currency notes at various bank branches across the country.

Rishi said, the decision is only for Saturday, and from Monday onwards, all customers will be allowed to exchange their notes at a branch of any bank.

The IBA chairman also said, after using indelible ink, queues have substantially been reduced. Indelible ink is being used on the right hand index finger of customers to stop repeat money exchangers thronging banks with invalid currency notes.