After demonetisation and banks asking for Aadhar, mobile numbers and other info, the customers, in general, have started hoarding money. Some banks have introduced new software where they are cutting money left and right even if they don’t have ATMs chequebooks so on and so forth. In the name of Insurance also the banks are taking money without the consent of the account holders.
Some banks are deducting last years TDS and say that it is the mistake of new software and they are in a position to revert it. Some say it is a long process. On the whole, the customers are losing money in a small way some way or the other. Apart from that, the Bank interest is not lucrative. Keeping all these issues in mind the common man wants to stop going to the banks. Now there is no money in the ATMs. Going to the banks will waste your time for half a day.
Now the best way is to keep the money at home like the olden times. Why keep in the bank and get disappointed when you want it. These days people are borrowing small cash from the grocery shoos that they are used to. The ATMs still don’t have cash in many states. The merger of SBH and SBI also has left many customers in the lurch. They are not merging the accounts, they again blame it on the software.
SBI is one of the banks which is losing accounts on daily basis. So finally the circulation of money has gone down drastically and ATMs are in trouble. RBI officials say that it will take another 7 days for the new money to come into the system.
The more government insists on transparency, GST, Taxes so on and so forth, the more the people start hoarding money for the future. Unless and until the banks become liberal the cash will not come into the system.