ATMs run out of cash: What Arun Jaitley has to say

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'We are facing a cash crunch. Govt has formed state-wise committee & RBI also formed committee to transfer currency from one state to other.

The government, meanwhile, has been trying to encourage people to adopt cashless payment methods like debit cards, UPI and Aadhaar-Enabled Payments, but has had limited success so far. According to a NDTV report, Addressing a farmers' convention, Mr Chouhan said on Monday, "The currency worth Rs. 15,00,000 crore was in circulation before demonetisation".

Efforts to take a version of the State Bank of India, with the largest number of ATMs, in the state did not yield any result.

The reason for the cash crunch this time could be the lack of higher denomination currency notes needed to pay harvest season wages.

People in Varanasi said, "We do not know what or where the problem is but the common man is facing difficulty as the ATM Kiosks are not dispensing cash".

Taking cognizance to the cash shortage issue Finance Minister Arun Jaitley posted a tweet saying the government has reviewed the currency situation in the country. "We have visited several ATMs today as well, to no avail", he told ANI. "The temporary shortage caused by "sudden and unusual increase" in some areas is being tackled quickly", the minister tweeted.

The Congress party also slammed the government for the cash crunch, questioning if the cash shortage was deliberate.

The hashtag ATM trended on Twitter since Tuesday morning as people complained that they have had come away from ATMs without cash. After the demonitisation exercise, the currency in circulation increased to Rs. 16,50,000 crore. In some states, the recalibration of ATM machines to dispense 200 rupee currency notes is yet to be finished. "We moved through six ATMs fetching for cash in different banks on Anandnagar Road and Bodakdev, however, all of them had run out of cash", said Shamik Das, a resident of Satellite.

Commenting on the situation, J N Singh, chief secretary, said, "We understand the urgency faced by the banks and are in constant touch with the RBI as well as the central government to resolve the issue".

People from Bhopal in Madhya Pradesh claimed that the situation had been prevailing for the past 15 days. "We are facing difficulty, don't know what to do".