With people going crazy with this demonetisation move , now private banks have added another major setback to this movement ! They have ran out of cash! Now this has made it seemingly difficult , or nearly impossible to exchange the old notes with the new ones within a day or two.
Majority of private sector banks have gone ‘bankrupted’ as they are unable to dish out new currency notes to their customers , and are reduced to a mere collecting deposits , where people just deposit their hard earned money , in order to withdraw it on some later date.
It is confirmed by a source that some major private banks have stopped exchanging notes on Wednesday , that is today. And even several ATMs falling under some areas were found non – functional. So there was only 1 option left by the people of India to rush to the public banks before some one else and get their notes exchanged.
Customers make a queue to withdraw money from SBI Mobile ATM in Hyderabad.
This has caused chaos in the cities , with people making long queues which in turns looks like a snaking queue across the streets leading to the bank , many of them exchanging heated arguments instead of currency notes and with the numbered tokens , the situation has gone even more worst.
A staffer at the ICICI Bank , Mehdipatnam , said that “the money will come only at 7 pm . The ATMs are shut since yesterday’s morning!” He has also said “From 9 am till 11 am , we have issued nearly 270 tokens , and the bank is busy doing the transactions , but we are running out of money , unfortunately we have stopped the transactions in between and just asked the people in the queue to deposit their money , and this has attracted a lot of wrath from them as they were standing in this atmosphere in order to get new currency notes!”
A man named R. Pradeep Kumar , says “ I have been waiting here from 6:30 am and only now did I manage to deposit my money. I am sure very soon people will sleep outside the bank branches and I think this is what Modi wanted!”
No matter how long the queue is , and how long one has to wait , if this continues in the coming days , it is guaranteed that the common man will not be able to cope up with the “level of work” that the Modi government is bound to do!