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Cash crunch ahead of poll season as RBI stops supplying Rs 2,000 notes

By PN Team Posted on Apr, 18 2018

Many ATMs ran dry across the country and outside the main metros due to a cut in supply of high denomination Rs 2,000 notes and higher withdrawals owing to election eve cash demand surge in Karnataka and social media rumours of cash shortage. 

Long queues and ‘no cash’ signboards became common in many parts as depositors queued up to withdraw as much cash as possible in what appeared to be a mini panic. 

Availability of currency is becoming scarce after RBI is said to have stopped supplying Rs 2,000 notes, leaving most ATMs to operate at less than 50