Economy

As ATMs run dry, SBI says ‘normalcy will return in a week’, Arun Jaitley says ‘temporary shortage’

Representative Photo

Several parts of Andhra Pradesh, Telangana, Madhya Pradesh, Bihar and poll-bound Karnataka have reported shortage of currency and ATMs running down, which the government today attributed to unusual spurt in demand in last three months.

Finance Minister Arun Jaitley said the “temporary shortage” in certain states is being “tackled quickly” and that there is “more than adequate” currency in circulation.

Jaitley, who has been away from office since April 2 due to kidney ailment, said he has reviewed the currency situation in the country.

Rajnish Kumar, Chairman, State Bank of India (SBI) on Tuesday assured the people of the country that the situation of cash crunch is ‘temporary’ and that normalcy will be restored within a week.

“In the next week, things will start coming back to normal. There is a department which monitors situations like this. This is not new. The Reserve Bank of India (RBI) has been given an indent to increase the flow of Rs. 500 notes in the system,” Kumar told ANI.


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