Long queues outside ATMs in MP

A large number of ATMs failed to dispense cash for the second consecutive day on Tuesday in several parts of Madhya Pradesh with the Congress accusing the BJP of hoarding money for the upcoming Karnataka polls.

A large number of ATMs were empty and there were long queues at others where cash was still available, putting the common man to inconvenience.

Senior Congress leader Ajay Singh said the Bharatiya Janata Party-led (BJP) Central government was collecting Rs 2,000 notes to influence the May 12 Karnataka Assembly elections.

In Indore, the cash crunch brought back the memories of mad rush of people in banks after demonetisation was announced by centre one and half years ago. The residents felt the pinch as the wedding season is on and there is short supply of currency notes of Rs 2,000.

The situation in the city is not different from northern Indian states and Odisha. The shortage of the cash in the banks specially in SBI worsened on Tuesday due to sudden rise of cash demand and short supply of cash from RBI. Most of the SBI ATMs had stopped dispensation of the currency notes. By noon, the situation created a panic among SBI officials and customers.

According to sources, State Bank of India is receiving 25% of the total cash of its daily requirement from Reserve Bank of India for past three days.