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Rediff.com  » Business » A month later no change: ATMs shut, long lines at banks

A month later no change: ATMs shut, long lines at banks

By A Ganesh Nadar
December 09, 2016 14:52 IST
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People queue up for money outside a bank

Rediff.com’s A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in the one month since demonetisation.

Even a month after Prime Minister Narendra Modi’s announcement of demonetising 86 per cent of the currency notes in circulation, the problems for the common man have not subsided.

On one hand, tax authorities have seized Rs 90 crore in new notes in Chennai and on the other hand the common man cannot withdraw more than Rs 24,000 in a week. So where does the Rs 90 crore man get his money?

Thirunvanmiyur, a suburb in south Chennai, has a very busy bus depot which caters to every part of the city. As you walk away from the depot, you see two ATMs -- Syndicate Bank and Axis Bank -- both of which are closed. In the same building on the side, a Canara Bank ATM is not only closed but also barricaded.

You walk down further, you see a Bank of Baroda ATM that says clearly it is not working because there are no notes available. You turn the corner and find a State Bank of India ATM and it is working! A man on the phone is yelling, “I found an ATM, yes it has money, yes it is SBI, it’s near the bus depot. Its hidden and so no one knows about it, you come soon.” By the time he had finished yelling there were ten people in line behind him.

The ATM was dispensing only Rs 2,000 notes so the daily withdrawal limit of Rs 2,500 automatically became Rs 2,000.

At the State Bank of Mysore branch nearby there are hardly any customers. The bank has only Rs 2,000 notes which you can withdraw within the normal limits. No change at all even for local customers. Many went away disappointed.

A State Bank of India branch was functioning with a long line stretching outside the premises. Nothing had changed in a month. There were two ATMs inside the bank premises which were out of order.

At Indian Bank you could deposit money both old and new provided you were carrying your ID card. ‘You cannot send someone else to deposit money in your account,' a bank employee told a working lady who wanted to send her daughter.

There was no money in the bank at 10 am and customers were being advised to come back at noon to withdraw Rs 4,000 only.

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A Ganesh Nadar / Rediff.com
 

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