Naidupeta: The residents in Nellore are facing a cash crunch for a couple of weeks now as the nearby ATMs frequently run out of cash. They have to either look out for an ATM that has cash or wait in long queues for the ones where cash is available.
As Naidupeta falls in the outskirts of Nellore district, the network connectivity is weak, which is a major reason for the township to be cash based. Presently, people are troubled as they have limited cash and no option to turn to digital payments. The residents speak about their difficulty in purchasing day to day requirements. Ashish Singh, a resident says, “Even buying vegetables and fruits for the family is a problem these days. I have very limited cash in hand and have to go out searching for an ATM with cash every alternate day.”
Another group of people facing problems is the shopkeepers. They complain about problems in selling goods as people buy in small amounts or request to be allowed urges to pay on a weekly or monthly basis. Swami, a general store owner says. “My income is affected because of the problem in ATMs. Firstly there are few people who pay through Gpay or PayTM and even if they do, I have to look for an ATM wherein I can claim all my earnings in cash.”
As stated in the rules, any bank needs to have Rs. 8 to 15 lakhs in its cash chest at all times, but here, since ATMs are not maintained, people face a crunch. The bank officials in a statement say “Replenishment of cash in ATMs take place every day or on alternate days there is some difficulty to withdraw cash during weekends and holidays as several people withdraw cash but there is no major problem.”
As per the rules laid down by Reserve Bank of India (RBI) any complaint regarding the banking service needs to be addressed in not more than 30 working days. While talking to people regarding the matter, it was found that most of them lack awareness, thus there is no complaint registered with the bank. The operational Manager of Bank of Baroda, Jaswant Reddy says, “This cash crunch is created by the Government to promote digitalization. The banks are aware about the on-going crunch and are working to provide assistance to anybody who approaches the bank.”
As of now, people continue to be troubled as there is no visible initiative taken either by banks or residents to solve the cash availability at the ATMs.