![]() | #1981 | |
Senior - BHPian ![]() Join Date: Nov 2011 Location: Bangalore
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There are no queues at ATMs in electronic city either, that's because they haven't bothered to refill them. Who stands in a queue when the ATM shutters down or empty? Last edited by Samurai : 10th January 2017 at 10:42. Reason: Avoid rude comments | |
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![]() | #1982 | |
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![]() | #1983 |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Kannur
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+1 I was in my hometown last Saturday and the situation was same. Went to SBI main branch where they have around 10-12 ATMs and all were out of cash. Roamed around and checked 4-5 other ATMs and result was same. Finally got the money from a Canara Bank ATM (no 500s). All other ATMs were out of cash (HDFC, ICICI, Fed Bank etc). Looks like the whole demonetization exercise is turning out to be a biggest joke. |
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![]() | #1984 | |
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Case in point, Genpact and IITD. And these folks are OK with the whole exercise because it never really impacted them except for a couple of days. However, none of the ATMs that ordinary folks have access to, especially around suburban and industrial noida, the queues are perpetual. God awful mess! | |
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![]() | #1985 |
Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
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A question, if cash situation restores to normalcy, does it mean people have gone back to cash like before, or have they gone cashless? In case they have gone back to cash, what changed from before Nov 8th to after Dec 30th? |
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![]() | #1986 | ||||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
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So I really don't know what is happening at Kerala. Reserve Bank any way would not have any personal enimity to the state. They would do what needs to be done. Only thing which I can presume is that the banks in Kerala have not been able to tally their accounts and give an accurate picture of the currency demand. "പഴയനോട്ട്: ബാങ്കുകള്*ക്ക് കണക്ക് പിഴച്ചു; ആര്*.ബി.ഐ. നേരിട്ട് കണക്കെടുക്കുന്നു." (Banks have got their maths wrong, RBI starts recounting). We must also understand one thing, RBI is not going to give exactly the same amount in new currency, for the deposits shown in each bank. That would defeat the purpose of the whole game. RBI is only going to issue new currency based on its official records and account. It would only pump in notes, if it realises that major part of these deposits are accounted money (with taxes paid etc.). From the way Kerala banks have been behaving I seriously feel that their intention was to scuttle the whole move. The state seems to have been surviving on unaccounted money (i.e tax not paid) which was circulating at good speed, and mainly used for purchases for which Kerala state gets the taxes (and central govt. gets nothing). Came back to say: Kerala media and the finance minister himself seems to be spreading a wrong information. That any amount of "black money" becomes "white money" the moment it gets deposited in a bank. Then all the black money chaps and hawala operators in the state would have been doing this even before, as it is the easiest way to make "white money". Last edited by sachinpk : 10th January 2017 at 11:35. | ||||
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![]() | #1987 | ||
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
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Basically, business with a very high No.2 content is trying to go back to cash, others are happy with a higher cashless content. Many general merchants and restaurants now have swipe machines. They are also realizing that there is much less leakage with swipe machines, and the like. | ||
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![]() | #1988 |
Senior - BHPian Join Date: Dec 2008 Location: Bangalore
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I imagine the GoI/RBI is not planning to replace the 15 LCr worth of currency that was demonetized, with 15 LCr worth of new currency. So the currency supply is definitely going to be lower (some links say it would be just a third). So when you say "situation restores to normalcy", it means the demand also has gone down - ie, either economic activity went down or transactions are happening without physical exchange of cash. |
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![]() | #1989 |
BHPian Join Date: Feb 2006 Location: bangalore
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| ![]() http://www.rediff.com/business/repor...d/20170110.htm The govt. and IT folks have started the analysis of the deposits. From the article "We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore," he said. If people thought that just depositing the money in the bank would be sufficient, they are in for a surprise :-). |
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![]() | #1990 | |
BHPian ![]() Join Date: Feb 2013 Location: Mumbai
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How will the banks maintain ATM if they are not getting any revenue from ATM transactions? Most private banks would want their customers to go to the counters and get cash directly from there. This will ensure that their customers are benefited and also they can keep track of the cash they receive from RBI easily. It will also help maintain their cash reserves at healthy level. People who are scanning ATMs to withdraw money could do well to go to their respective bank branches and withdraw cash using checks instead of blaming the queue in front of ATMs. I have not visited an ATM for the past 3 months and never needed to because I withdraw from bank directly. | |
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![]() | #1991 | |||||
Distinguished - BHPian ![]() ![]() | ![]() Quote:
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The queues, meantime, are real. Quote:
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However, 4 visits to the bank have yielded 2 returns. This is not my idea of a minor inconvenience. Thats an unnecessary 2 hours wasted on each opportunity. Last edited by mayankk : 10th January 2017 at 14:41. | |||||
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![]() | #1992 |
Senior - BHPian ![]() Join Date: Oct 2008 Location: Stockholm
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![]() | #1993 | |
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The workaround that they've come up with is that they load a little cash into each atm, which would enable a few withdrawals on that atm to ensure it is not shown as inoperative on internal reports - apparently that is enough. Last edited by greenhorn : 10th January 2017 at 19:16. | |
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![]() | #1994 | |
BHPian Join Date: Jan 2015 Location: Bangalore
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If one wants to withdraw money to meet daily/monthly needs there are two ways: 1] Minimize the number of transactions and punch in 4500 every time, run the risk of being stuck with 2000rs notes for which it's hard to get change 2] Punch in 1500 or 1000 multiple times, hoping to get 500rs notes and pay up ATM usage charges All the hoarded cash which was withdrawn when ATM withdrawals were not charged, will now start to come in handy. Those who went into a cash withdrawal frenzy before Dec 31st, will probably make it through the next few weeks till more usable currency notes come into the system (hopefully). I guess the banks are the ones laughing all the way to the bank now, flush with money (albeit not in paper form yet) and flush with commissions on cashless transactions | |
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![]() | #1995 | |
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
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