This payday could become D-Day for demonetisation as the banks are running out of notes and the public is eager for cash to pay salaries and bills. The cash less public and banks are gearing for more pain on December 1 when the government and companies pay salaries to their employees.
Banks and ATMs have 40% less cash than they need. Banks are already refusing withdrawal of Rs 24,000 and ATMs giving only Rs 2,000 notes. The All India Bank Employees Association has said already that pay day can become pain day as the banks did not have enough cash to dispense the salaries.
The ongoing shortage of cash forced banks to control withdrawals and shut gates early as the supply of bank notes from currency hubs failed to keep up with the demand. Cash finished at many Bank Branches today as it was the first day of the Pay day week. Private banks in the country received 20 crore which was way below than their daily requirements.
Although customers can withdraw upto 24000 but branch managers are trying, their best to avoid shutting down of cash counters early. The government said they have enough cash to meet the demand but bank branches have a different story.
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