India’s citizenry isn’t taking to the concept of a cash-less economy quite as enthusiastically as Prime Minister Narendra Modi had hoped.
ATM cash withdrawals across the nation have returned to pre-demonitization levels, according to Times of India.
India’s banking system is still struggling with a currency shortage nearly six months after the abrupt demise of 500 and 1,000 rupee banknotes — the two most popular denominations, which constituted 86 percent of the nation’s currency supply.
Banknote printers have been busy turning out replacement notes, but the quantities aren’t meeting the demand.
It’s become routine for Indian cardholders to find “out of cash” notices displayed at one ATM after another, and ATM deployers complain that they are only receiving about half of the supply of banknotes needed to keep India’s 220,000 machines stocked, the Times report said.
According to data from the National Payments Corp. of India, interbank ATM withdrawals exceeded 1 trillion rupees ($15.47 billion) in March, almost equal to the level in October last year and double the amount in December.