Money & Banking
Dry ATMs rebut Jaitley's claim of swift recovery post note ban
Despite the claim of Union Finance Minister Arun Jaitley that printing of new money was done efficiently after the November note ban and things were "normalised" in a few weeks, on Friday many ATMs here were found gasping for cash.
 
As IANS went around the ATMs in the national capital, it found that the situation had only marginally improved from what it was in the thick of turmoil that followed the demonetisation and that most of the cash machines still were bone dry.
 
Only one ATM in Laxmi Nagar of east Delhi was found dispensing cash out of a total of eight visited by IANS. Rest bore either a 'no cash' sign or were simply 'out of order'. 
 
Similarly, in the Yusuf Sarai area of south Delhi, the ATMs of HDFC Bank, Canara Bank, Punjab National Bank (PNB), Kotak Mahindra Bank and IndusInd Bank were found cashless. An Axis Bank ATM was the only one found with cash in the vicinity.
 
Same situation prevailed in top locations like Sansad Marg (Parliament Street), where none of the four State Bank of India (SBI) ATMs had cash, in addition to an Axis Bank machine near the YMCA nearby, which has not had cash since the demonetisation on November 8 last year.
 
One found the situation more telling in Connaught Place, the bustling market in the heart of the capital, where as many as eight ATMs were found to be either dysfunctional or without ash over a stretch of two blocks.
 
These included four ATMs of SBI, two of PNB, and one each of Bank of India and Bank of Baroda.
 
Speaking at the 11th Foundation Day function of the Security Printing Minting Corporation of India Ltd (SPMCIL) on Friday, Jaitley said: "People used to guess it will take a year or seven months for remonetisation. But in a few weeks, things were normalised." 
 
He also applauded the security printing presses for their efficiency. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

marcelmdesouza

3 months ago

Only promises are made. Cash flow is still not normalised in Banks

Smartphone apps give you a super-power you can use for good or evil (The Funny Side)
Dads of the world need a smartphone app that detects whenever a family member is reaching out to buy something in a store and then speaks out loud in a Dad Voice: "Come on, do you really need that?"
 
We dads can't be everywhere at once and modern children seem to have an insatiable appetite to waste money on needless luxuries such as food, drink and the like.
 
I told my kids that in the old days our parents would throw us a gnawed stegosaurus bone once a week and we were pitifully grateful.
 
Many current phone functions just make life harder. Last week, I accidentally switched my smartphone to British English and it now keeps saying things like: "On a bloody bender again, you cheeky daft plonker?" At least it's a compliment, or so a British friend tells me.
 
Technology is a super power which should be used for good. Also last week, I lunched with techy people who told me that the smartphone has become a massively successful "anti-jerk device".
 
One shared a news item about a naughty guy in France who called up Uber, the taxi service, on his wife's phone. Over the following days, all his trips showed up on his wife's phone, including secret ones to one or more mistresses. She found them very interesting indeed, as did her divorce lawyer. The husband is now suing Uber for ruining his life, rather than his own genitalia, which it seems to me are clearly at fault.
 
Another lunch attendee shared a recent report from the United States. A woman called Stephanie was so horrified by a long conversation she overheard on a train that she took a sneak photo of the main speaker and put it on the Internet with a caption: "If this is your husband I have spent 2 hours listening to him and his friends brag about their multiple affairs and how their wives are too stupid to catch on."
 
It's not just guys who get caught out. A male technology correspondent at the lunch said that Facebook often exposed the cheating ways of women.
 
He showed me a post by a woman called Sarah who put a "conversation starter" on her Facebook page: "How did we meet?" A woman named Jessie responded promptly: "You were screwing my husband."
 
He also showed me a real-life Facebook exchange which has gone down in history. Lynette: "Well everybody, guess what, I'm single again, but I'm not upset bcuz who wants to be with someone that's gonna cheat on me." Brittany: "Awww what happened?" Lynette: "He wanted to b with his wife."
 
But back to the concerns of Family Men. A colleague, a father of three, has come up with another app that dads desperately need.
 
It would be called something like "Font Of All Knowldege". When children or wives ask questions that Dads dislike, such as "Can we buy this?", the app would give Dad a wise-sounding response: "Sorry: leading indicators prevent retail expenditure at the moment because of a fall or rise in the semi-circular futures options hedges weighted beneficiary composite valuations thingummy index."
 
Brilliant idea. I congratulated him on being a cheeky daft plonker.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Multilateral FIs allowed to invest in 'masala bonds'
The Reserve Bank of India (RBI) on Thursday permitted multilateral and regional financial institutions to invest in rupee-denominated bonds.
 
"In order to provide more choices of investors to Indian entities issuing rupee-denominated bonds abroad, it has been decided to also permit multilateral and regional financial institutions where India is a member country, to invest in these rupee denominated bonds," the RBI said in a notification.
 
The rupee-denominated bonds, which are often called "masala bonds", were proposed in the first bi-monthly monetary policy of the RBI for 2015-16. At that time, the central bank had fixed a minimum tenure of of five years, with redemption in rupees. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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