The entire Madhya Pradesh including the State capital is facing cash crisis as ATMs across the state have gone cashless for the past 3-4 weeks.
People could be witnessed searching for ATMs having cash and in case if they find one such ATM currency denominations, could still pose a big problem in the withdrawal in the presence of long queue.
The neighbouring state Chhattisgarh and three other states are also facing the same problem of cash crisis.
State level Banker Committee Coordinator Ajay Vyas said that RBI has issued currency of Rs 700 crores for the state on Monday and possibly by Wednesday the cash would be refilled in the ATM pacifying the problem of cash in the system.
Customers have been found visiting several bank ATMs to withdraw money for the past 3-4 weeks across the state.
Reason of the cash crisis is the disproportion of withdrawal and deposit of cash as people have withdrawn heavy cash and deposited less in the past few days leading to the crisis.
The crisis could not be attributed to a single reason as there are several reasons which created the situation.
One of the reason of the Crash Crisis suggested by financial experts Ravindra Deshmukh that the confidence of the customers shook after frauds have surfaced in the nationalized banks and customers fear that their money would be trapped in the problems like this further augments.
Farmers and marriage season are the other big reason as both require a large amount of cash.
In the field of agriculture transactions are done mostly in cash and as the season cycle in at the end farmers are requiring huge amount of cash for harvesting their yield and selling it and farmers do not deposit the money at the same time in the bank. Farmers are also afraid of depositing money in nationalize banks.