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Currency Crisis Hits Common Man Hard as Banks Still Unprepared

rbiWhile the middle class and the common man has appreciated PM Narendra Modi’s move to ban Rs.500 and Rs.1,000 notes to wipe out black money in the country ahead of polls in key states, the half-hearted or completely unprepared banks have been showing hell to common man.

While RBI, the regulator said ATMs will start re-opening a day after the announcement, no ATMs are re-opened and banks have been giving out Rs.2,000 notes in a country that is rearing for change. The hard hit were women, students and ordinary middle class who never stored cash in small change at home to survive for at least two days. Some students who went out to schools and colleges with a meagre amount could not return home on time.

To cover up the lapse on their part for not opening the ATMs, many banks have announced that the whopping withdrawal costs would not be levied for now. Ironic but it happens only in India where banks have failed consistently in every such emergency situation. Even the RBI has not effectively implemented its promise to supply enough currency stocks to banks.

The queues in banks have become larger than the free Jio Reliance card queues witnessed last month and some banks have refused to provide Rs.100 notes while most of them announced that there are no forms available. If forms are available, there is no cash. By 5 PM, most of the banks have run out of cash and the promise to keep them opened until 7 PM has turned out to be a fake promise to wipe out fake currency.

Here are some woes expressed by people on social media while the hapless rural people, who don’t have any such financial literacy have been cursing the banks, bankers and government for putting them to maximum inconvenience in a country where every day is a struggle for them to live.

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