Free Press Journal

Ujjain: Payday chaos reign supreme as cash crunch in banks, ATMs continues


Ujjain: Employees of the State and Union government are in for tough times as payday dawns. Beginning Thursday, employees of the State and Union government  will be paid salaries through banks making the process very difficult for around 25,000 State and 5000 Union government employees. They will now be required to stand in long queues for hours to withdraw their salary which will be subjected to the RBI prescribed withdrawal limit. As per present withdrawal limit, employees cannot withdraw their salary in one go.

Banks are also running out of cash due to short supply of currency notes.Withdrawal has become an ordeal for employees due to several limitations. ATMs in the city are being refilled more frequently than earlier. However, many ATMs in the city are either not working or are dispensing only high denomination notes. Lower denomination notes as are not being dispensed by the ATMs causing payment problems.

Now bankers are looking forward to get adequate cash supply from the central bank. But there has not been any appreciable improvement in the supply of currency notes. According to reliable sources, the central bank has now turned its focus towards rural areas wherevillagers are distressed as banks and ATMs in rural areas are scattered.

 Lead bank manager, Rajendra Tiwari told Free Press that there are 160 nationalized banks in Ujjain district and 24 private banks which have salary accounts. He further said that many private institutions also pay salary to their employees through banks.

So far as short supply of currency notes is concerned, he said scarcity of currency notes are temporary, people should use other means like debit cards, credit cards, cheques and RTGS to meet their need.

RBI issues new guidelines

There are 1, 80, 000 Pradhan Mantri Jan DhanYojanaaccounts in Ujjain district. In a new update, RBI has rationed withdrawal from the Pradhan Mantri Jan Dhan Yojana (PMJDY). According to new restrictions, with a view to protect  innocent farmers and rural account holders of PMJDY from the unscrupulous activities of money launders and legal consequences under the Benami Property Transaction and Money Laundering laws, fully KYC compliant accounts holders may be allowed to withdraw  10,000 from their account, in a month. The branch managers of banksmay allow further withdrawals beyond 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on the bank’s record. Non-KYC compliant account holders may be allowed to withdraw 5,000 per month.