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Kerala’s Big Cash Crunch: ATMs, Salaries and Pensions Hit

The ghost of demonetisation has come back to haunt and this time the most literate state of India, Kerala, is facing the wrath. 

Since the start if the April month, most people in Kerala are not able to withdraw money from ATMs due to the cash crunch.

The Kerala government said that the cash crisis hit the treasury and is facing shortage of currency notes. If the central bank does not step in, disbursal of salaries and pensions could be hit.

Kerala Finance Minister TM Thomas Isaac said that the Reserve Bank of India has not supplied enough currency notes. 

Last month, RBI Deputy Governor Viral Acharya had announced that the process to replace the currency notes pulled out due to the notes ban decision would take a couple of more months.
According to the central bank’s statistics, the currency in circulation towards the end of March had reached Rs. 13.12 lakh crore as against Rs. 16.63 lakh crore a year earlier.

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