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Mad rush at banks in Vasco

There was a mad rush of customers at all banks in the port town on Thursday, following the shut down of banks and ATMs on Wednesday in connection with the sudden demonetisation of Rs 500 and Rs 1,000 currency notes.


the goan I network
VASCO

Huge queues were seen at all banks as customers were desperate to deposit their old Rs 500 and Rs 1000 currency notes and withdraw cash in other denominations.
As the morning progressed, most banks ran out of cash and many customers who had gone to withdraw had to return home empty-handed. The closure of ATMs for the second consecutive day also added to the problems of those who were in dire need of money.
In a bid to maintain law and order, Vasco police dispatched patrol teams all over the city but no untoward incident was reported in the port town.
Ivy Menezes from New Vaddem, who had gone to withdraw cash from a public sector bank, had to go back empty-handed as her bank ran out of cash. “The sudden decision of the ban has caught the people off-guard. Whatever little cash we had got exhausted. Adding to our woes, banks also failed to stock sufficient cash in their strong rooms and as a result, many like myself had to go back empty-handed,” said Menezes.  
Another woman, Sandra Pereira, from Mangor-Vasco, said she had borrowed money from her neighbours and had promised to pay them back, after being informed that cash would be available in the banks on Thursday. “I had to stand in a queue almost for one-and-half hour and when I finally reached the cash counter, the cashier informed me that there was no cash.”
“This is nothing but harassment to the common man while the real culprits are enjoying even after the ban,” added Pereira.
Prashant Naik of Vaddem who had come to exchange his old currency notes also faced a similar experience.
“The bank informed me that they could not exchange the old notes as they were yet to receive the new notes. People are facing many hardships in exchanging the old notes and withdrawing money,” said Naik.
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Margao business, markets reel under liquidity crunch

Business and markets in the commercial capital are yet to recover from the surgical strikes at the Rs 500 and Rs 1,000 currency notes, with liquidity being the main reason, even though the banks spread across the city witnessed queues of citizens anxious to exchange or deposit their money.

The Goan Network
Published Nov 11, 2016, 5:09 AM IST
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the goan I networkMARGAO  Treasuries of some of the banks in the city ran out of money by noon as beleaguered account holders made a beeline outside the braces to exchange the currency notes. The State Bank of India branch in the heart of the town witnessed heavy rush of customers, as Margao police deployed its personnel to man the gates and regulate the queue. Comparatively, the city main post office did not see any queue of customers and business continued as usual in…

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