Hyderabad: Vanishing money, change trouble all

Hyderabad: The public had a harrowing Sunday due to non-functioning ATMs, POS machines and the lack of small change in markets.

Although the Reserve Bank of India relaxed the norm of charging extra for using POS machines for lower amounts or lesser number of transactions, a few traders in major markets like Mahabub Mansion (Malakpet), Begum Bazaar, Osmangunj and Afzalgunj still collected 2 per cent towards debit card transactions. Mr Dheerendra Singh, a retailer who visited Malakpet Market, said that demonetisation had badly hit retail business.

“Most customers have Rs 2,000 notes and we are suffering for want of change. At wholesale markets, the traders are collecting 2 per cent extra for transactions through credit or debit cards. There is an exemption from extra charges till December 31. But we were made to pay extra amount,” he said.

The very next day after Prime Minister Narendra Modi’s announcement on cancellation of Rs 500 and Rs 1,000 notes, the RBI issued circular to all banks and merchants with POS machines to accept amounts below Rs 100 through debit/credit cards but most are not abiding by it.

Mr R. Rajesh, a staff of Apollo Pharmacy at Bagh Amberpet, who declined to swipe a debit card for Rs 75, said they were given instructions from their bosses to accept cards only for Rs 100 and above.

Almost all ATMs in the twin cities were empty by Saturday evening. Only a few functioned on Sunday morning. They require recalibration. Bankers say that it might take at least two months. Secretary for All India Bank Employees’ Association B. Seetha Rambabu, said that third-party agencies dealing with ATMs were asking for more time.

“There are about 3 lakh ATMs across the country. But the third-party agencies have only 2,000 engineers and 20,000 staff. For recalibration of each ATM, the services of one engineer and at least one staff is required,” he said.