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The reason for empty ATMs after demonetization and the possible Effects
Posted on: 24/Apr/2018 12:56:05 PM
The recent controversy of insufficient money distribution in ATMs of many important cities of India cornered the money laundering, Big money scams of Industrialists and Corrupted Politicians. In spite of all these confusions SBI reports the reason for the reduction in funds was the result of people withdrawing more amount of money in the second half of the fiscal year 2017-18.
SBI claims an unusual increase in the ATM withdrawals. After the Demonetization law was passed in the month of November 2016 there was a forcible decrease in withdrawals of money and then followed by a sudden increase in ATM withdrawals.
Larger amounts are taken out after the demonetization crisis, the people are still in a defense mode keeping in mind the current recurrence of untimely orders and new rules disturbing the livelihood.
Reserve Bank of India reported an increase in the rate of money withdrawal transactions after November 2016. The future analysis from the independent finance and banking experts warns that the situation will further worsen the graph of uneven distribution and insufficient funds in the ATMs if the government fails to address the issue immediately.
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