This Vishu, don’t be surprised if your grandparents ask you to share your Paytm or Rupay account details for kaineetam as ATMs run dry. But, it isn’t just the festivities (Vishu and Easter) that are being affected by the cash crunch, daily labourers, pensioners and other low income groups who depend on cash transactions are facing a hard time to get by because of the cash crunch.
This crisis comes months after Prime Minister Narendra Modi demonetised INR 500 and INR 1000 notes triggering a severe paucity of cash across the country. This caused several people to stand hours in queues in front of ATMs for money. The Kerala Finance Minister, TM Thomas Issac confirmed that the crisis indeed has hit the state’s treasury, causing a shortage to disburse salaries and pensions. The main cause for this shortage being RBI not providing enough notes.
This problem even caused an agitation at the SBI Kainatty branch in Wayanad when customers couldn’t withdraw money from the ATM. According to sources, banks have been discreetly told not to replenish ATMs.