In this article, we present you the Top 7 Reasons why India is facing Cash Crunch. These days most of us facing the scarcity of cash in ATM’s. Cash Crunch establishes its feet in almost all the Cities of India. In fact, Because of this scarcity, we easily spot large queues outside the ATM’s. Some of them get the money whereas others won’t. However, Commenting on this Situation our Finance Minister Arun Jaitley Said, there isn’t any scarcity of cash. How funny isn’t it? He says we overcome with the cash shortage in a few weeks. Meanwhile, the truth at the Root level presents a picture which opposes his statement. The scarcity and freedom of cash Transaction totally suck after the Demonetization in our country. In our opinion, this will not happen if they picturise a clear future roadmap, before taking such a big decision.
Of course, Government doesn’t accept this truth because here they fail the common people. However, Here we aren’t supposed to count the mistakes of em. Here, we are providing you the Top 10 Reasons Why India is Facing Cash Crunch. So, Do give a 2 Minute Read to this article.
List of Top 7 Reasons Why India is Facing Cash Crunch
- The First Reason why India is facing Cash Crunch is the fear of Financial Resolution and Deposit Bill. This Bill explains the amount you get if a Bank is Drowning or going to Bankrupt.
- According to this Bill, if a Bank Bankrupts then the Bank uses the deposit money of Account Holders to Bail out the Bank. Moreover, the most frightful thing is Government people are trying to terminate the Deposit Insurance & Credit Guarantee Corporation. Under this, if a Bank Bankrupts a Guarantee of returning up to 1 Lakh to the Account Holders.
- There is also a provision for improving the health of bank from the Customer’s money in one of the section of FRD Bill. The Provision decides, How much money the depositor gets in the case when a bank gets Bankrupted.
- There is panic among customers due to the continuous increase in Non-Performing Asset. Public sector Union Bank of India has suffered a huge loss of Rs 1,250 crore in the third quarter of the current financial year.
- From One Year the Printing of 2000 Rupee Note approximately closes. Moreover, the Officials of SBI says, the 2000 Rupee note is not coming into circulation. They also say, we put 2000 Rupee notes in ATM but it doesn’t return to the Bank Counter Again.
- Approximately, 70% of ATM in our country is not ready for the storage of 200 Rupee note. Officials need to update these machine ASAP.
- Banking Analysts says, Currently, the season of wedding running in our country. Because of which People Withdraw the Money and Keep it close to them.
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Read also: What NEFT Means How NEFT Transfer Works?
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