Not enough Rs 100 notes as SBI fails to receive sufficient fund
TURA: Banks in Garo Hills opened up for business on Thursday only to witness long queues of customers waiting to withdraw 100 currency notes which did not materialize as the financial institutions failed to have sufficient stock of the denomination for public use.
Many had to leave disappointed from several branches of the state Bank of India and other public sector banks given that the money was not available for withdrawal.
While there was a major crisis of currency shortage throughout the five Garo Hills districts, the situation was the opposite in the deposits section of the banks.
Hundreds of people made a beeline at cash counters to deposit the demonetized Rs 500 and Rs 1000 currency notes and even by late evening there was no let up in the flow of customers who were all eager to hand over their money to be deposited into their accounts.
Banking officials had a trying time collecting the amount from the large number of customers and the figure by late evening indicated that the state Bank of India alone had received Crores of the now demonetized currencies.
One teller manning a cash counter in one of the Tura banks received over fifty lakh rupees comprising of the two currencies that were deposited in just one day. Another teller received thirty lakh rupees in both denominations indicating the staggering figure of the two currencies that was in circulation in Tura.
However, the biggest challenge for banks is providing the one hundred currency for customers.
Many of the rural branches of the SBI were unable to provide Rs 100 denomination for account holders due to non-availability of the amount.
“We have received the new Rs 2000 denomination but no Rs 100 currency which is what customers are seeking. So we are unable to transact business,” reported one bank official.
According to bank officials, there is a massive shortfall of the hundred rupee currency and allegedly only ten lakh is available in one of the main branches of the State Bank in Tura.
Bank officials are reportedly contemplating to reuse the old notes of Rs 100 which had previously been marked as non-issuable and were to be returned to the Reserve Bank of India to be destroyed.
The State Bank of India is said to have non-issuable currency valued at over two and a half crores which if utilized could temporarily help tide over the current problem.
When contacted by The Shillong Times, the Assistant General Manager of SBI in Garo Hills, Mr Dey, acknowledged that there is a shortage of small currency but at the same time said efforts were being made to bring in more of the smaller denomination from Guwahati and other places.
“The problem is containable and people are cooperating. There is shortage of 100 rupee notes and we have stock for around two days only. We are expecting more and the situation should return to normal within the next 3-4 days,” claimed Dey.
With the Automated Teller Machines (ATMS) due to commence operation on Friday bank officialks are worried as to how they will fill the machines with the small denominations given the widespread shortfall in 100 rupee denomination.
The State Bank of India has as many as 40 ATMs operating in the Garo Hills region.
