Recently, many local media in India reported that ATMs in many places in India could not withdraw cash. The "cash shortage" has started in Andhra Pradesh, Telangana, Karnataka, Uttar Pradesh and Bihar, where ATMs can hardly get money. According to the report, Indian banks don't seem to have enough cash, and rumors of unsafe bank deposits are also spreading.
In this regard, the Indian opposition Congress Party accused the government of mismanagement of the financial system, "the Prime Minister ruined the country's banking system", and pointed out that this year, jeweler and billionaire Niraf Modi absconded with huge sums of money, involving more than 2 billion US dollars, which is the highest financial fraud case in Indian history, and Prime Minister Modi has so far "said nothing".
On June 5438+07, Indian Finance Minister issued a statement on Twitter about "cash shortage". "Generally speaking, there is enough money in circulation. The temporary shortage at that time was caused by sudden and unusual (cash withdrawal) in some areas and has been quickly dealt with. " India's deputy finance minister also said that the "cash shortage" will be solved within three days.
According to the report, Indians are using a lot of cash for transactions, and the money supply may not keep up with the growth of economic activities. Obviously, the spectre of a disastrous currency ban still haunts India, plunging the country into a full-scale crisis.