There may be no respite from long queues outside banks, ATMs to withdraw cash. Here’s why

If you think long queues outside banks and ATMs are going to fade away, it may not happen soon.

Banks have raised a doubt, saying the present situation will remain the same as the RBI has told them that cash supplies may not get any easier in the near future.

"We had sought a hearing with RBI as we were not allocated enough cash, but we were told that rationing of cash may continue for some time,” a banker, who was present at one of several meetings with central bank officials, told ET.

The central bank is pushing banks to urge customers to go digital.

“Some automated teller machines haven't been filled even once since the old Rs 500 and Rs 1,000 notes ceased to be legal tender,” they told ET.

Even though the RBI has received over Rs 8 lakh crore in deposits, there is no data on the value of new currency - in Rs 500 and Rs 2,000 notes - printed and distributed across the nation.

RBI Governor Urjit Patel, in a recent interview, said the RBI was monitoring the situation on a daily basis and urged people to start using debit cards and digital wallets.

(Image: Reuters)