Any Time Money? Woes rise as machines fail to dispense cash

CHENNAI: ATMs in several parts of the city and elsewhere in the state functioned partly after a two-day shutdown due to demonetisation of higher denomination currencies as they ran out of money within a couple of hours due to unprecedented rush as increasingly impatient people queued up outside. Long queues could be seen at every ATM open on Friday as people descended on them with the hope of getting some “valid” cash after having failed to get it from banks on Thursday. Some were very lucky as they got cash in  Rs 100 denomination, but many were not as fortunate as ATMs ran out of cash very soon.

 ATMs of several private banks did not function on Friday and the institutions expressed helplessness. Bank officials said they have been facing shortage of lower denomination notes, which is the reason why ATMs were not loaded with cash even on Friday. Another problem the banks pointed out was the time taken to flush out the existing cash and testing of the ATM machines as new Rs 2,000 notes will have to be loaded. “There are four bins in every ATM machine and they will have to be filled. Since the Rs 2,000 notes are now in, ATMs have to be fitted with a new cassette,” the official said. Another issue that industry experts pointed out is the commission that outsourcing agencies charge to load each ATM.