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Ghost of demonetization returns with reports of cash crunch across the country

ATMs around the country have been running dry over the last week and dredged memories of long queues during demonetization in November. Reserve Bank of India (RBI) deputy governor SS Mundra attributed the lack of cash to the financial year closing and said that the situation is temporary, as indicated by this Indian Express report. MediaNama's writers checked in a number of ATMs in their respective neighbourhoods and found many shutters down or signs which said that there was no cash. In Mulund West, ICICI Bank, Kotak Mahindra Bank, State Bank of India and HDFC Banks were not filled with cash over the weekend. Similar reports were reported in Bangalore as well. Meanwhile, the Times of India reported that only a handful ATMs out of 400 were dispensing cash in Bareilly. Bank officials said the amount made available to us by…

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