Friday , September 21 2018

ATMs may stay dry next week in Hyderabad

Hyderabad city has about 1,000 onsite and 500 offsite ATMs of which just about 20 percent had cash till Friday.

Hyderabad

Hyderabad: Most of the ATMs might continue to be dry next coming week, subsequent three bank holidays on Saturday, Sunday, and Monday, experts stated. Messages on investors’ Whatsapp groups said that the cash trunks with a few nationalized banks were blank, and the stock of notes from the RBI was not adequate.

A senior official said that the cash withdrawals were more in the salary week that means the first week of every month. “This had led to ATMs running out of cash in that week. The city has about 1,000 onsite and 500 offsite ATMs of which just about 20 percent had cash until Friday night. Banks will not close for Second Saturday and Sunday, and the condition will not alter, he said.

One more banker said that the banks would function on Monday in spite of Holi. “If we get money from the RBI, we will fund drawings at banks and send the rest of the cash to ATMs. If clients draw larger sums to evade transaction fees, the crunch which we faced throughout demonetization will repeat.”

Ever since November last year, 60 percent of the ATMs in the twin cities are not functioning and ‘out of service’ boards are promptly presented outside the ATM centers. This is for the reason that the machines are still not updated to dispense the currency notes.

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