No Cash ATMs – Intentional Crisis?

We are coming closer to the end of the fifth month after Demonetization but most ATMs in Hyderabad are still bearing those ‘No Cash’ Boards. In March, the RBI made only five remittances to banks in the state as against 12 needed in a month.

[m9ad]

Bankers privately say this is a push towards a cashless economy. Prior to the demonetization, most of the 5,200 ATMs in the city used to hold about 5 lakh on an average, but this week, 90 percent of the ATMs did not have any cash.

Banks which get cash from traders, as well as RBI, are in a fix. RBI will not give them the money and traders do not have hard cash with them to deposits. Some of the private banks are already on plans to cut the number of ATMs which are anyways useless these days.