"Out Of Cash" - More Than 90% Of India ATMs Run Dry

Tyler Durden's picture

Five months have passed since the demonetisation drive, but the people of India continue to face a shortage of cash in banks and ATMs. The Times of India reports that more than 90% of the ATMs in the northern region do not have cash, and in the southern states as many as 65% of ATMs have run dry.

Speaking to TOI, State Bank of India (SBI) deputy general manager Ajoy Kumar Pandit said the customers are losing confidence in them due to the crisis. "Nearly 70 per cent of our 648 ATMs in the three districts are out of cash. The rest will also become dry in the next few days as we do not have cash to refill the machines. We are helpless from our side," he said.

A banking source said the RBI has diverted most of the cash to north India due to the recent elections. This has affected the southern parts of the country. "The government's intention is to encourage smart payment systems, but the infrastructure is not up to the mark," the source said. Many ATMs have not been upgraded with the new software required for handling the new Rs 500 and Rs 2,000 denominations, the source added.

India.com notes that the worst hit is the common man, who has been suffering the pinch even as the government has made an effort to make available sufficient cash in ATMs across the nation. The post-demonetisation woes continue to haunt the common man in the country as many ATMs in metro cities seem to be running low on cash for the last one week.

"No Cash" signs hang across ATMs across India...

One of the reasons why ATMs would be short of cash is because of the charges that have been levied in the coming months on ATM withdrawals. Currently, a customer has to pay Rs 20 per ATM withdrawal after five free transactions a month from a bank one has an account in.  Customers using ATMs of banks they don’t have an account in are charged Rs 20 after three free withdrawals. However, banking officials said on Thursday that banks may slash the number of free ATM withdrawals or hike the charges levied to discourage people from using cash.

According to a survey conducted by the LocalCircles citizen engagement platform, it was reported that the availability of cash at ATMs has worsened in the last two months or so in many parts of the country. It reported that eighty-three per cent citizens who visited ATMs last week in Hyderabad, could not find the cash while it was 69 per cent in Pune.

C.H. Venkatachalam, general secretary of All India Bank Employees Association was quoted by Free Press Journal saying, “Actually, the problem is directly linked to demonetisation. Many ATMs are yet to be recalibrated. Plus, people have started hoarding Rs 2,000 notes. There is still a huge mismatch in the demand and supply of currency notes.” Meanwhile, Ashish Gupta, research analyst at Credit Suisse was quoted by Financial Times saying, “The government wants to slow down the cash money in the economy. They want the new equilibrium level in the economy to be lower”.

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SallySnyd's picture

Here is an article that looks at one group that is behind the global movement to end cash:

 

http://viableopposition.blogspot.ca/2017/03/the-better-than-cash-alliance.html

 

The concept of a cash-free society is being sold to us on the premise improving economic well-being and inclusiveness.

knukles's picture

When I say "Me casa, su casa" I do not mean to include the inclusiveness of the Establishment 0.01% in sharing my shit.
I'm tired of my well being sucking the hairy end of the inclusive lollipop

toady's picture

Gotta pay attention to the winners and losers in this... hopefully get positioned to be a winner when it comes here.....

Pinto Currency's picture

Monetize gold and silver people.
ATMs not needed.

toady's picture

I get that atm's are a big loser here... but who's the winner? MasterCard/ Visa, or the Indian version of them, or something I'm not seeing?

wee-weed up's picture

There are NO winners when you've got incompetent gov't running things.

bamawatson's picture

incompetent government is redundant

 

(( at 2:00 --- https://www.youtube.com/watch?v=NEZIFUB_Cqo ))

Skateboarder's picture

"Incompetent" is the outward-appearing posture, while "diabolical" is the true form.

RBI and the Govt. of India have planned this out for a long time, and there's no "whoops, didn't think of that" scenarios here. Everything is on purpose, for a reason, to generate datapoints that can be used to gauge outcomes of similar experiments elsewhere. These are two major organizations behind the Indian experiment (with help from USAID), and here are all the people that benefit from a catalyst (forced) that transforms India into a cashless all-digital economy:

http://cashlesscatalyst.org/partners/

https://www.betterthancash.org/join-us/resource-partners

It's fucking insane, the number of primaries and third parties that benefit from this. Every single one of these mvthrfvckers wants a penny (or more) out of every transaction you ever conduct.

THERE ARE NO ACCIDENTS.

Dirtnapper's picture

I don't mind giving a penny or three to the miners for each transaction to the blockchain.  Banksters, OTOH, can go to hell.

Dame Ednas Possum's picture

When looked at in isolation, sometimes the intent of the Deep State can be concealed or overlooked (though not by most of us nut-jobs on ZH). 

However when you consider the series of events in combination, it is readily apparent that India is one of the many key battle-fronts in the war on gold. 

 

http://investmentresearchdynamics.com/the-deep-states-attempt-to-suppres...

 

 

 

 

babkjl's picture

Even the joke cryptocurrency Dogecoin works better than Rupees. The latest average transaction fee is 0.0061 US Dollars. Yes, that's a little more than half a penny. How does that compare to your regular banking fees or standing in line for empty ATMs?

flaminratzazz's picture

Bingo skate.. as soon as there is no other ballgame but them, watch the banking transaction fees shoot to the fvkin moon.

ZeroPointOn's picture
ZeroPointOn (not verified) flaminratzazz Apr 16, 2017 5:25 PM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

flaminratzazz's picture

'Suppose you were an idiot and suppose you were a member of Congress. But I repeat myself'.

Croesus's picture

Yes, but it's not "incompetent"; it's cuckolded, taking its marching orders from the Jews that occupy every key position in government.

The shabbos goy puppets that are the face of government "have power, but do not Wield it".

The people immediately behind them, "Wield power, but do not have it".

It's the same story in many other countries, now, and "back then".

Mustafa Kemal's picture

this is about as incompetent as Janet Yellen in the Fed is. Both are succeeding remarkably

Normalcy Bias's picture

Exactly. Sinister is the word that comes to my mind.

toady's picture

Someone is making money with this.....

bluskyes's picture

The only thing worse than government incompetence is government competence.

swamp's picture

incompetent?   Or,  Globalist ??

 

Fireman's picture

mi casa es tu casa tambien

I'm tired of my well being sucking the hairy end of the inclusive lollipop

 

 

joycean

Sam.Spade's picture

Sorry, knuckles, but you got that expression backwards.  In the US, the hispanics wetbacks say "Su casa, me casa".

The central planners's picture

I think that the indian government ban high denomination currency in order to curve the hight indian consumption for physical gold and silver.

Croesus's picture

"The concept of a cash-free society is being sold to us on the premise improving economic well-being and inclusiveness."

But what it's really all about is the Jewish money power cementing their control over the world.

Fuck them.

Back to barter.

East Indian's picture

When there will be no physical currency there will be no "money power"; instead what is sought is the power and right to be the third party and fourth party in every economic transaction; and to create unlimited quantity of "money" unrestrained by the necessity of physically manufacturing it. 

What was paper "money" to gold, digital "money" is to paper "money". They ruined the paper money by printing more than the gold content, and finally removed the link between the paper and gold; the same story is repeated now. They have created so much digital money, there is no euqivalent quantity of paper; it is now impossible to convert all of it to paper.  Hence they are doing away with the paper completely. 

But then they are fools. All the banks have the right to create digital money, and they compete among themselves. Once digital "money" touches 70% of transactions, banks will create so much "money" it will become worthless. 

Mustafa Kemal's picture

It is also being driven by USAID ( CIA) along with Google  and Microsoft

Anteater's picture

The Dual-Israeli Coup Leaders in Ukraine looted $35B in bullion from the Ukraine Treasury, shipped it to NYC, then got $35B in loans from the IMF. Faced with the prospect the Dual-Israeli Coup Leaders would DEFAULT on those loans, the IMF got Kerry and the US Senate to LOOT $50B from our SS and MC funds to 'backstop the verticals' on 'our ally Ukraine' (WTF?) and also to create a $15B 'war fund', as McCain referred to it (WTF?!). Modi IMMEDIATELY siezed on that corruption model, by offering Indians, the largest holders of gold in the world 'gold bonds' at small interest rate.

Indians were only too glad to lock in gold prices and gain interest, and Modi was only too glad to MELT DOWN THE BULLION for internation money loans, then debase the currency with his unannounced outlawing the largest bills. This prevents Indians from CASHING IN THEIR GOLD BONDS! The Indian people can't get their 'gold bond' interest to live on, they can't redeem their 'gold bonds' and Modi and his cronies are rich as Creosus.

Modi sold the bullion for Pounds Sterling, he's using the loan credits exactly like the Dual-Israeli Coup Leaders in Kiev, to PRIVATIZE LANDS AND BUILDINGS, at the same time as he's bankrupting land holders and real estate owners through these currency manipulations. This is genocide!!

Americans are so blase about this, but as you travel around the world, you realize this is a Global Final Solution, and all avenues point to Tel Aviv, and to the Bank of London, the whole nest of bank-broker vipers who have our last life savings encrypted as 1s and 0s in their hackable database. You'd think this greatest of Grand Theft Globals would be generating countless documentaries and investigative reports, but instead we get GWOT.

E pluribus (the part Trump likes to grab)

pugilist's picture

has anyone checked that apartment building in Nigeria?

Troy Ounce's picture

 

 

This is a BIS experiment

Conax's picture

Guinea pigs for the rest of us, I hope the people burn it all down.

Semi-employed White Guy's picture

That could never happen here in the US. Here we have sincere, competent people in government who care deeply about the plight of the common man.

flaminratzazz's picture

Thanks for informing me of that.. i feel a lot better knowing they have my back..

there for a second i thought maybe don lied to us all but you set the record straight that if indeed he might have lied, it is for our own good and we should not look into it any more.

Al Bendova's picture

Wasn't Hillbillary the Champion of the common man?  Looks like we're screwed now.

Winston Churchill's picture

The 2nd A might discourage our dear enlightenned Leaders from trying a cash ban here.,

Expecting Trump to fliip  on that as well. Just remember:

"Power grows from the barrel of a gun".

Croesus's picture

The Jew is the main entity behind the push to outlaw private gun ownership, either directly, or by stealth.

Let them try.

Anteater's picture

Yeah, when you're bank statement says '$0.00' you can use that gun on yourself.

Croesus's picture

Hate to burst your bubble, but neither of those scenarios is ever likely to happen.

I'm planning on living long enough to see, and maybe even participate in "Global Pogrom Time"...something that should have happened a long time ago.

Lost in translation's picture

I fear that, as well.

All it will take is gun + "horror" + "beautiful babies" = bye bye, 2A.

Hope I'm wrong, but...

flaminratzazz's picture

They already tried that shit at sandy Hoax.. all the Connecticut gun owners  were told to bring them in and all tptb recieved was a unanimous "come and take them"

Vilfredo Pareto's picture

Lol.   I think you are better off having a little gold and silver tucked away.  It avoids probate too.

 

Sadly like many zh-ers I have terrible seamanship and also lost all my precious metals in a tragic boating accident

1stepcloser's picture

Economic Freedumb!

coast1's picture

Things might be a bit different in the future.....Dave from X22 Report, usually stays neutral, and has criticized Trump now and then....But his latest video, Dave makes Trump seem like a hero and legend...It was weird listening to it, and to be honest he was very convincing...I may have to rethink my dislike of Trump after hearing this video..time will tell I suppose, but Dave makes a very good case to support Trump...(never thought I would be saying this)...

https://www.youtube.com/watch?v=8D7QGBUFxJs

GoldToDaMoon's picture

I bet this "massive man-made disaster" sticks in 134 crores...

jm's picture

I just grabbed the India PMI print.  It troughed in November of last year and rebounded since.  Current is 52.5.  How can the economy be growing like this if transaction mechanics are locked up? 

 

 

 

Sick Monkey's picture

Forward guidance is an experiment in progress. Like all other experimental economic projects it's evolution is not yet known. Margin for error is slightly below thermal nuclear war or extinction of no more then 60% of the human population. 

Since lower caste Indian's are considered to be worth less then a limp mule consider this as "The big bite Beta"

Arnold's picture

Same way ours does.

Change measurement parameters, move the goalpost closer and lower the bar, to produce the result you expect.

Anteater's picture

One is entirely synthetic, the other is entirely retail.

Exactly like the USA. BUY TESLA, IT'S BIGGER THAN GM~!

Vilfredo Pareto's picture

Possibly because if income distribution is the same in the USA as India (although it is almost certainly worse in India) the bottom fifty percent can take a huge hit and their incomes and productivity are so low they don't affect their PMI.   This may be especially true if the cash economy is not measured accurately since freezing it up would also not affect the numbers much in that situation.

 

Another possibility is the numbers are all wrong and goal seeked like they are in China or hedonically adjusted like in the USA.

 

It is one or the other or even a little bit of all three.