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Pay day today: Long queues outside banks, many ATMs still dry

Today being the pay day, banks are expecting to face a huge rush as people will queue up at branches across the country to withdraw salaries amid the ongoing cash crunch post demonetisation.

Problem is set to become bigger as a large number of ATMs are still dry even 23 days after the government banned 500 and 1000 rupee notes earlier this month to crack down on black money.

Government said special efforts are being made to deliver additional cash to banks to meet the heavy demand for currency notes on account of salary withdrawal.

The Reserve Bank has been asked to ensure adequate supply of new Rs 500 notes at banks and currency printing presses are working overtime to print them, govt. said, adding that there is a lag of 21 days for printed notes to reach markets.

People are likely to throng at bank branches on December 1 as central and state governments credit salaries and pensions to millions of accounts. At the central level alone, there are around 50 lakh employees and 58 lakh pensioners.

Many banks are contemplating to set up additional counters for withdrawal to meet the rush.