Friday , April 27 2018

Host of problems hit cashless business

Cashless digital transactions are also hit due to the number of reasons. Even although many of the shops have installed swiping machines, the supporting infrastructure is not ready.

host-of-problems-hit-cashless-business
Even though many of the shops have installed swiping machines, the supporting infrastructure is not ready.

Two months after a demonetization, people are still reeling from a shortage of cash.

Kakinada: Two months after a demonetization, people are still twirling from a shortage of cash since money withdrawal limits are continuing. Many of the ATMs here are non-functional for want of cash. “No cash” boards pasted on ATM kiosks remain a general sight. Cashless digital transactions are also hit due to the number of reasons. Even although many of the shops have installed swiping machines, the supporting infrastructure is not ready.

Servers are grossly inadequate, and too slow, to cope up with the increased number of transactions. As a result, both shopkeepers and the customers are finding it difficult to conduct cashless transactions. According to bankers, the people can technically withdraw Rs 24,000 per week from savings bank accounts and Rs 50,000 from current accounts. Though, due to the absence of enough liquidity, banks are unable to hand over this amount.

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“We had waited patiently for 50 days, but, we are still unable to accelerate our construction works till now. Unless we expedite the works, we cannot complete their project on time. It will badly hit our progress’’ said N. Nageswara Rao, a builder. He said that sand, iron, bricks, labour wages and other payments are made only in cash.

Meanwhile, beneficiaries of a ration shop are also facing a lot of difficulties for not proper functioning of `E-PoS’ machines. “The E-pos’ machines are not functioning properly and the machines keep hanging in the middle of a work. Ration shop dealers are not able to supply ration on time due to the technical snags,” said the East Godavari district Ration Depot Dealers Association president A. Veera Brahmam.

“Prime Minister Narendra Modi had required 50 days to set things right. Even after two months, things have not yet improved,” said M. Lakshmi Subhadra who came to the bank to withdraw the money.

She said that she urgently needed Rs 1 lakh for their domestic function, but the bankers told her to withdraw only Rs 24,000 per week. She said that the limit must be lifted immediately. Meanwhile, according to Lead Bank officials, the liquidity crunch was being cleared gradually and the situation would ease soon.

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Host of problems hit cashless business
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