ATM cash crunch crisis: Government Increases To Print Rs 500 Notes Five Times. The government has decided to increase the printing of 500 rupees by a massive amount of cash in ATMs in many states across the country. The government has revealed that it has raised five times the printing of 500 rupees to reduce cash deficit.
“We will increase this printing five times to reduce the cash shortage. Over 2,500 crore rupees will be supplied in two days. 70,000 to 75,000 crore notes will be printed in the month,” Economy Affairs Secretary SC Garg said.
There is a lot of money shortage in rural areas like Maharashtra, Delhi, Andhra Pradesh, Telangana, Bihar and Gujarat. There are ‘no cash’ boards appearing at many ATMs. Finance Minister Arun Jaitley has responded to this issue in the country. The cash shortage is temporary and promised to solve the problem soon. More money is preferable than what is needed. But in some areas unusual, suddenly, the increase in cash consumption is a problem.
ATM cash crunch crisis
SBI chairman Rajnish Kumar said that the country is facing cash shortfall is not correct. The demand for the currency has increased due to crop season. In Punjab, Madhya Pradesh and Uttar Pradesh, the demand for harvesting has been high.
Minister of State Finance, Shiv Pratap Shukla said, ‘The government has set up a committee to solve the problem. The problem will be solved within two to three days. The RBI also appointed a committee to increase cash flow from one state to another.’