On November 8, Prime Minister Narendra Modi made a huge masterstroke by demonising Rs. 500 and Rs. 1000 currency notes. However, banks and post offices are witnessing the heavy rush of customers to withdraw newly released currency notes.
Although the Government informed that ATMs will function from November 10, most of them are having a shortage of funds. In Kerala, banks are facing software related issues with ATMs because of thickness differences in the new notes.
According to reports, the software used in ATMs will have to be completely reprogrammed to enable them to dispense Rs. 2,000 note. This is because of the fact that new notes are thinner and smaller. With the introduction of new notes, ATMs are facing a long time to complete a transaction. Moreover, RBI has capped the withdrawal limit, which is affecting customers to a large extent.
According to Arundhati Bhattacharya, Chairman, State Bank of India,
it will take at least 10 days for the services to be restored like previously. Since the new notes have security features, the ATM software has to be rewritten.
Here are some of the popular tweets explaining the present state:
— Mathrubhumi (@mathrubhumieng) November 11, 2016
Is there a huge crowd and panic at the Swiss Bank too? Or only at banks where common people keep their hard-earned savings? #DeMonetisation
— Shirish Kunder (@ShirishKunder) November 10, 2016
— Aparna Bhattacharya (@chhuti_is) November 11, 2016
— ABP News (@abpnewstv) November 11, 2016
Have still not gone to the bank. Am making do with what I have, to avoid inconvenience to those who are in genuine need. #DeMonetisation
— Priti Gandhi (@MrsGandhi) November 11, 2016
— NBT Dilli (@NBTDilli) November 11, 2016
7,23,000 crores exchanged so far.
22,000 crore deposited.
— Manak Gupta (@manakgupta) November 11, 2016
— Suchitra (@suchitrak) November 11, 2016
As you see, there is a long queue inside and outside various banks and post offices. We expect the situation will improve within the next few days. If you urgently require cash, you can visit smaller banks instead of new generation banks.