Free Press Journal

Bhopal: ‘Pay week’ nightmare to unfold from today


BHOPAL: Brace up for long queues outside ATMs and bank branches for at least a week from Thursday onwards.

A severe liquidity crisis is bound to mar the “pay week’ in the capital. Though the upper limit for cash withdrawals from savings banks accounts is Rs 24,000 per week and from ATMs Rs 2500; but it is unlikely that even then the banks will be able to meet the demand for cash, as employees of private and government sectors whose salaries are credited to their accounts would rush to banks and ATMs beginning Thursday.

Bankers have claimed that they will try their level best to deal with the situation but they also admit that there would be a big gap between supply and demand. Even on Wednesday, the ATMs were wiped clean within a couple of hours.

Those drawing fat salaries may manage their personal expenses through plastic money, e-banking and cheques but even they will feel the pinch as they will have to make payments to their domestics, drivers, newspaper hawkers, milkman, dhobhis and others who are unlikely to accept anything except cash.

 The second issue is of the time required to withdraw cash from ATMs and banks. Spending hours in queue is a nightmare for most of the white collar workers.

As for those who do not use cashless transactions, the problem will be bigger.

Dena Bank DGM Robin Patel said, “There is currency crisis in banks and it will affect withdrawals from December 1.  However, Dena Bank is ready to deal with the situation.”

MANIT Professor Sidharth Rokade said, “For many years, my wife and I are using plastic currencies. We use e-banking and other digital options. So far, we are least affected by demonetisation. But now we will have to face currency crisis as we cannot give notes of Rs 2000 denomination to my maid. Similar is the case with driver, milkman and newspaper hawker. We will have to somehow arrange low denomination notes. Plastic money cannot work everyone.”

Senior officers say Rs 24K is enough for them!

Bhopal Collector Nishant Warbade said, “Rs 24,000 cash is more than enough to cover routine expenses. We pay school fees of children by cheque and use plastic money for most other expenses. For cash, I will use ATMs.” CM’s Principal Secretary SK Mishra said, “Credit cards, e-banking, cheques and other digital option are for me. I will use them for day-to-day affairs. Rs 24,000 cash is more than sufficient”.

Bhopal (North) SP Arvind Saxena said, “Rs 24,000 cash is enough. We can withdraw Rs 24,000 in a week. We will manage the expenses with the said amount. Of course, credit cards and e-banking would also help.”