ATM Cash Crunch: SBI Report Claims Currency Shortfall At Rs 70,000 Crore
A report by State Bank of India has estimated the shortfall of currency in circulation at around Rs 70,000 crore. SBI’s chief operating officer Neeraj Vyas on Wednesday said that cash availability in the bank’s ATMs improved in the last 24 hours.
“Efforts are being made to improve the cash availability further in a few geographies. Overall issue of less cash should come to normalcy within the soonest possible time,” he said.
While currency with public (excluding currency with RBI) stands at Rs 17.5 lakh crore, an SBI research report has estimated the requirement is at Rs 19.4 lakh crore based on nominal growth in GDP at 10.8% in FY17 and 9.8% in FY18. “Currently currency with public shows a gap of Rs 1.9 lakh crore.
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