India News

Payday is here: Banks brace for rush, many skip office to withdraw cash

Payday is here: Banks brace for rush, many skip office to withdraw cash

New Delhi: Thousands of people standing in the queues at banks and ATMs all over the country on Thursday as it was the first payday after the demonetization.

According to Hindustan Times, the government and Private sector will receive their salary credited to their accounts millions of people expected to withdraw money for their basic needs such as sundry purchases, school and medical fees, newspaper bills etc.

78% of consumer payments are made in cash In India so many private companies gave off to employees to withdraw money.

Read what people are saying about the cash as they stand in the queue:

“I had somehow managed the daily needs. But now the shopkeepers have stopped giving credit…the house maid, newspaper vendor and the washer man have started demanding money and that too in cash,” said Amit Vijay, 36.

Jatin Shah said, “Mine is a family who lives by my salary only. If I don’t give them money on time, what will happen to them?”

“Life has been derailed completely as if after a natural calamity. Never thought of facing such chaos,” said Sudhir Chawla, a businessman.

“I didn’t waste time standing in queues outside ATMs. First, the withdrawal limit from ATMs is small and second, they could run out of Rs 100 notes any time. Instead, I rushed to the bank. I was behind around 20 people even at 8 am,” said Amiya Halder, an employee of a private company.

In Tamil Nadu, Uttar Pradesh and Bihar, there were reports of angry customers locking up bank staff at a few branches on Wednesday.

A senior official of a private sector bank said, “We have no cash…there is a huge shortage…this chaos will continue at least till the 10th (of this month).”

Finance ministry Official said, “The printing of Rs 2,000 notes is over and the presses can now switch lines to the Rs. 500 note.” The presses cannot print the two notes simultaneously. It will take another three weeks to have enough Rs 500 notes in banks and ATMs.