Cash crunch to escalate during three-day bank holiday

December 10, 2016 16:23

With banks closed for three consecutive days from today and ATMs in the city still not functioning to full capacity, the ongoing cash crisis may escalate further leaving residents high and dry for want of cash during the weekend.

Customers are venting anger as most of the ATMs are running dry. As banks remained closed, long to moderate queues were seen outside different cash-loaded ATMs, while some ATMs continued to flash 'ATM Closed' placard.

Citizens who stood by government's decision to demonetise high denomination notes earlier, are now running out of patience following reports that huge amount of cash in new currency is being seized by the Income Tax and police authorities across the country.

"This is really shocking and shameful that a common man is dying in the bank and ATM queue to get Rs 2,000 and Rs 10,000 but the high and mighty are stashing cash of over Rs 60 crores and Rs 80 crores ... where are these notes coming from? Can this be possible without nexus of bank officials," a former banker from Indian Bank said while letting out his aggression.

Due to the holidays starting from December 10, all the banks would remain closed for three consecutive days. December 10 being a second Saturday, December 11 being Sunday and December 12 being Milad-un-Nabi, Prophet's Birthday.

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