Cash shortage hits banks across erstwhile Adilabad district, inconveniencing customers
Customers across the erstwhile Adilabad district have complained of cash shortages at several banks, alleging withdrawal restrictions and malfunctioning ATMs. Bank officials attributed the issue to reduced cash flow, while assuring customers that steps would be taken to improve the situation.
Adilabad: Customers of various banks say they were facing inconvenience due to shortage of cash across erstwhile Adilabad district for the past few days.
Customers claim that they were struggling to withdraw cash from their accounts at union Bank, State Bank of India, Bank of Baroda and other scheduled banks in the town. They claimed that they were allowed to withdraw up to Rs 50,000 at a majoriy of banks. But now they are asked to inform banks in advance if they plan to withdraw over Rs 1 lakh.
The customers further said that they were forced to go to different branches of the banks to withdraw cash above Rs 1 lakh for repayment of loans. They stated that they were asked to transfer funds online. They urged officials to take steps to address the challenge and to avoid the inconvenience at the earliest.
They alleged that the officials were showing partiality by permitting realtors and traders to withdraw mone as much as they wanted. Beneficiaries of social security pensions and retired employees are bearing the brunt of the problem. Farmers were lining up at different banks in Mancheri, Adilabad, Nirmal and Kumram Bheem
Asifabad districts. The problem can be strikingly seen in rural parts.
Officials say the flow of cash declined due to restrictions imposed by the Reserve Bank of India (RBI). They stated that the RBI set limits on liquid cash to promote UPI and online payments. They admitted that the shortage of the cash resulted in inconvenience to customers. They, however, assured to address the challenge.
Meanwhile, automatic teller machines (ATM) of the banks are not functioning properly in the four districts, irking the customers.
