Cash crunch will be fixed by tomorrow: SBI Chief

Cash crunch will be fixed by tomorrow: SBI Chief
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New Delhi: The reported statewide cash crunch has again hit the common man. Meanwhile, the SBI Chairman Rajnish Kumar on Thursday has said the problem of cash will be resolved by Friday.

The SBI chief said certain areas have been facing the problem of cash in particular denominations. “It is not a uniform cash crunch problem. It is there in regions like Telangana and Bihar. We are hoping that the problem will be resolved by Friday because cash is in transition and it is reaching these states by Thursday evening,” Kumar told reporters.

The finance ministry earlier this week had said that there is an unusual increase in cash demand in states like Andhra Pradesh, Telangana, Karnataka, MP and Bihar.

Moreover, Kumar held accountable those who hold cash and don’t let it circulate in the market. “If we (people) hold everything, then whatever supply we (banks) do, it will be insufficient for the country. So it is important that the currency is also recycled,” he said.

On the other hand, amid rising furore over the cash shortage, Minister of State (MoS) for Finance Shiv Pratap Shukla on Wednesday refuted the report, saying more than 80 percent of the ATMs in the country have cash.