Serpentine queues were witnessed at banks across the country where people thronged to exchange Rs 500 and Rs 1000 for new currency on Friday. Some of the banks ran out of cash in many areas.
People faced difficulties in paying for household items, essential commodities and vegetables as they ran out of savings of small currencies while it was tough to get cash from ATMs due to huge rush and long queues.
Admitting that people had to wait in queues outside ATMs to get fresh cash in view of the demonetisation, BJP president Amit Shah on Friday said the Narendra Modi government's move to demonetise high value currency notes would greatly benefit the economy and urged the people to join the campaign against corruption.
Here are the reasons why people were seen queuing up outside banks even before they opened for business.
- Over 20-30 fold increase in number of people queuing up for cash.
- Functioning ATMs running at 10 percent of its capacity because of change in denomination of note from Rs.1000/ 500 to now 100.
- Constrained capacity of ATM machines to hold just around 10,000 pieces of currency notes.
- Just over 35,000 trained staff involved in the entire logistical process.
- Only 7 currency logistics firm currently operating in the country with around 9,000 currency vans.
- Over Rs. 16 lakh crores worth of currency note to be replenished in the ATMs making it a mammoth task.
- New software not installed in many ATMs making them useless in the new system.
- ATM/ Bank staffs not adequately trained to cope up with rush.
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