IN­DIA

Malta Independent - - WORLD -

Chaos at In­dia banks con­tin­ues af­ter ATMs re­open

Long queues con­tinue out­side banks and sev­eral ATMs have run out of cash in In­dia, three days af­ter 500 ($7) and 1,000 ru­pee notes were with­drawn as part of anti-cor­rup­tion mea­sures.

ATMs opened at mid­night af­ter be­ing shut for 48 hours and hun­dreds queued up early morn­ing to make with­drawals.

The sur­prise gov­ern­ment move is aimed at tack­ling cor­rup­tion and tax eva­sion.

But many low-in­come In­di­ans, traders and or­di­nary savers who rely on the cash econ­omy have been badly hit. There are lim­its on cash with­drawals from ATMs and banks. Af­ter Prime Min­is­ter Naren­dra Modi’s sur­prise an­nounce­ment on Tues­day night, the banks were closed on Wed­nes­day.

Thou­sands of pan­icked In­di­ans have been flock­ing to banks since they re­opened on Thurs­day as the two notes ac­counted for about 85% of the cash in cir­cu­la­tion.

Banks have ex­tended work­ing hours and de­ployed ad­di­tional staff to deal with the rush.

Some bank of­fi­cials said they had also brought in ex­tra cash to deal with the sit­u­a­tion.

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