Arunachal- Banks are running short of cash in Itanagar

Itanagar

By Manoj Singh

Several banks in Itanagar, the capital city of Arunachal Pardesh are running short of cash in the their branches and facing acute problem in maintaining day to day  transaction and big payment to their valued customers.

Several customers have been making verbal complaints to Arunachal24  about the  ATMs are not providing the 2000 denomination note and only the 500 denomination are available.

There have been  information through various sources that there are acute shortage of small denomination like of Rupees One hundred, Rupees Fifty, Rupees Twenty, Rupees Ten, Rupees Five etc in almost all the bank and branches of the capital and district.  It is  a matter of great concern that how these bank are managing their customers and running the banks for last two month.

A senior Manager of a private Sector bank here said we are also facing lots of inconvenience but anyhow we have been able to manage cash and overcome the cash scarcity but how long as we are totally dependent on the SBI who is the custodian of the chest being a lead bank.

Another Manager of the Nationalised bank said that the cash shortage would become a problem for us to run the branch and we are anyhow managing the fund from their other branches in Assam etc.

When contacted the lead bank sources said that the RBI is aware of the shortage of cash. Rupees 2000 denomination note are not available due to shortage of cash.

SBI Channel Manager said that due to not arriving of Rupees Two Thousand denomination note felt scarcity due to which we have not been able to replenish the note and only Rupees Five hundred notes are being filled in the ATM. As the NCR ATM machines do not have cassette for filling of small notes of fifty and smaller however the small denomination notes are being delivered through counter.

SBI Regional Office Chief Manager (Admn) Tarun Kumar Boro while clarifying the shortage of cash in the Itanagar Lead bank excepted that there have been shortage of cash and unable to disburse cash as per demand of the branches.

He said that there are 44 SBI branches under his jurisdiction including 10 Chest branch and two main branch one at Itanagar and other at Naharlagun and almost all branches are facing the cash shortage and would face more problem in time to come as RBI is not providing cash and we have been sending our indent from time to time.

On frequent exhausting of money from ATM, CM Boro said that beginning of month are salary time and everyone have to withdraw money for many purpose including purchase of day to day need for the month long time and they use to withdraw a maximum limit of 40000  per day, many students who have to withdraw for their needs and these period in state is a festival season due to which there have been demand of cash of celebration and other.

Apart of that out of 72 ATM in capital complex  15 ATM have been vandalised by miscreants and FIR given and under investigation in recent past and they would take some time for maintenance. The remaining 16 in Itanagar area and 41 in Naharlagun/Doimukh area are functioning normally.

The last cash which was arrived in Itanagar was October 28 and hope that another consignment of cash may arrive later in third week of this month- Bank Official

Due to shortage of POS machine, people not finding friendly transitioning digitally which put rush in ATM and in bank branches.

Boro said that RBI is bank of bankers and he have apprise the cash scarcity in state today and they have assures to look into the matter but it would take two weeks time for the cash replenishment. However he said that RBI have also informed about shortage of cash there.

SBI being lead bank have been doing its duty and have been able to short out few problems of cash in capital complex but could not satisfy as per demand, he said.

How cash scarcity would be solved is depended on customers also as the customers need to make normal transfer through ATM, digitally and net banking so that there may a less requirement of cash in hand.

CM Boro said that after demonetisation process in the year 2016 there have been deposit of huge old currency in different branches of SBI at Koloriang, New Palin, Ziro, Naharlagun and Itanagar which need to be taken away by RBI  have not been done and in a whole year. The RBI have been able to lift the old currency once from Itanagar and once from North Lakhimpr and is also a reason for short of cash so that a new currency may have been replaced by the RBI.

The last cash which was arrived in Itanagar was October 28 and hope that another consignment of cash may arrive later in third week of this month- Bank Official

The SBI authority however appeal the customer to have patience and appeal the customers to  use net banking and use transaction digitally to save cash.

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