Right now there is significant demand in India for cash as banks and ATMs within the country are currently experiencing a shortage of physical notes. According to regional publications, some regions in India are reporting 90 percent of the local ATMs do not have cash. Sources in the country say the Reserve Bank of India (RBI) has moved some of its cash reserves to certain areas within the country due to the recent elections.
Furthermore, the State Bank of India (SBI) has revealed the cash crisis has caused customers to start losing confidence in the system because there is nothing local bank executives can do.
“Nearly 70 percent of our 648 ATMs in the three districts are out of cash. The rest will also become dry in the next few days as we do not have cash to refill the machines. We are helpless from our side,” said the deputy general manager of SBI, Ajoy Kumar Pandit.
Full story at http://bit.ly/2pjk1FD
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