Do you know why bank and ATM dried ?

DAINIK NATION BUREAU

As we know that people are struggling hard to get cash from bank and ATM. Even Finance Minister Arun Jaitley has acknowledged this crisis but RBI says that they have pumped more currency to cope up with this temporary crisis. During investigation it has revealed that banking policy, which has been framed by the bank as per the direction of the Reserve Bank of India, is responsible for this crisis.

As we know that bank gets cash from traders and business community, who deposits their sale (cash) to bank and bank disburse to the customer through their counter or ATM. Currently business community has stopped depositing their cash to the banks because banks have deducting money from the account through this or that means.

For instance, banks have introduced system that if customer does cash transaction more than three times in a month then they will have to pay charges for further transaction. Talking to the correspondent of the www.dainiknation.com a businessman says‘ he does business on mere two percent margin. Suppose he made sale of Rs two lakh then he earns mere Rs 4000 a day. If he deposits money in the bank then bank would deduct Rs 1000 per transaction because he would deposit Rs two lakh. As per the bank’s rule bank collects two percent cash handling charge from the customer. Although first three transactions are free but later on customer will have to pay per transaction.

He further says that whatever payment they receive in check they deposit into the bank otherwise they avoid. As we know that banks are suffering from cash crunch so they don’t have faith on banks now.

SBI, Harrawala, Branch Manager Sunil Kumar Rawat says that these days we are not being given enough getting cash from main branch and even people are not depositing money into bank so they are facing cash crunch.

An official of PNB says that people confidence has shaken after knowing about the proposed financial Resoluation and Deposit insurance (FRDI), under which if bank collapse then customer would get mere Rs one lakh. Although the bill is pending in parliament but it has created panic among the mass. To avoid public anger we usually display notice board that ATM is out of order due to technical reason but reality is that we don’t have enough cash to maintain the cash flow.

People, who were attending marriage function, were admitting that after knowing about the cash crunch in banks we have started hoarding of cash. Earlier we were assured that we would get cash as per our requirement but now we are aware that bank would not give cash. Although reason may be anything but it has created panic among the mass that is our bank really safeguard of our cash?