Hyderabad: Minister for Municipal Administration and Urban Development KT Rama Rao on Tuesday took to Twitter to rebut the point made by Finance Minister Arun Jaitley that cash shortage was a temporary phase.
On Tuesday morning, reacting to reports from all over the country on lack of cash at dispensing outlets, the Finance Minister had tweeted “Overall there is more than adequate currency in circulation and also available with banks. The temporary shortage caused by ‘sudden and unusual increase’ in some areas is being tackled quickly.”
Within a few minutes, Rao replied, “Sir, with due respect, the cash shortage in banks and ATMs is neither sudden nor temporary. I have been hearing complaints for over three months repeatedly in Hyderabad. Please have RBI and Finance Ministry team dig deeper and not brush away the issue that is eroding the people’s confidence in the banking system”.
Sir, with due respect the cash shortage in Banks & ATMs is neither sudden nor temporary. I’ve been hearing complaints for over 3 months repeatedly in Hyderabad
Pls have RBI & Fin Min team dig deeper & not brush away an issue that is eroding people’s confidence in banking system https://t.co/llHzY6kiox
— KTR (@KTRTRS) April 17, 2018
Later, to buttress his argument that there was serious cash crunch in ATMs across Hyderabad, the Minister also tweeted a news clip on the issue. The MA&UD Minister’s opinion on cash crunch in banks and ATMs triggered a discussion on Twitter.
In fact the hashtag #cashcrunch continued to trend in Hyderabad all through the day with public venting their ire on the issue by posting comments and pictures of ATMs sporting ‘no cash’ notice boards.