ATMs go cashless across the nation, here is the reason behind the cash drought

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Automated Teller Machines (ATMs) in various state have been cashless and the situation of demonetisation looks hitting back.

These are the mostly affected states:

Gujarat, Uttar Pradesh, Madhya Pradesh, Bihar, Andhra Pradesh, Manipur and Telangana are the states where reports of shortage of cash in ATMs are rampant.

This is what RBI says:
A stock-taking analysis submitted by the Reserve Bank of India (RBI) found that the rate of cash withdrawal was much higher than the rate of cash deposits in Andhra Pradesh, Bihar, Karnataka, Maharashtra, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana, among other states. Complaints of cash crunch have been reported from semi-urban and rural regions of the states.
Jaitley assured customers that the crisis will be resolved:
Commenting on the cash crunch, Finance Minister Arun Jaitley assured hassled customers that the government will resolve the problem ‘quickly’. Minister of State (MoS) for Finance SP Shukla said the Centre needs three days to fix the problem. Separately, State Bank of India (SBI) Chairman Rajnish Kumar told CNBC-TV18 that there is sufficient cash in the system.

Image result for arun jaitley

Have reviewed the currency situation in the country. Over all there is more than adequate currency in circulation and also available with the Banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly.
-Finance Minister Arun Jaitley on Twitter

Communist Party of India member Sitaram Yechury too took to twitter to express his anger. “ATMs were empty in November 2016. ATMs are empty now. And the only party flush with cash is the BJP: the people suffer.” he said in a tweet.

Earlier, MoS for Finance Shiv Pratap Shukla said: “We’ve cash currency of Rs 1,25,000 crore right now. There is one problem that some states have less currency and others have more. Government has formed state-wise committee and RBI also formed committee to transfer currency from one state to other. It will be done in three days.”

There is conspiracy behind this.” says Shivraj Singh Chouhan:
Madhya Pradesh Chief Minister Shivraj Singh Chouhan, on Tuesday, claimed that Rs 2,000 notes were vanishing from the market, and alleged that there is a ‘conspiracy’ behind their disappearance. Addressing a farmers’ convention, Chouhan said: “The currency worth Rs 15,00,000 crore was in circulation before demonetisation. After this exercise [demonetisation], the currency in circulation increased to Rs 16,50,000 crore. But notes of Rs 2,000 are missing from the market.”
Rahul slammed the gov:
Slamming government on this sensitive issue, Congress president Rahul Gandhi said that the Narendra Modi led government has destroyed the banking system. Nirav Modi fled with Rs 30,000 crore and Prime Minister didn’t utter a word. We were forced to stand in queues as he snatched 500-1000 rupee notes from our pockets and put in Nirav Modi’s pocket.
The crisis is temporary:
Meanwhile State Bank of India Chairman Rajnish Kumar Sinha Said that this is a temporary situation which is mainly due to geographical factors. There is one solution for it that a proper cash management should be maintained.

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