Banks to let people draw cash from their accounts without restriction or limit
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It is distressing to see farmers & people in rural areas being denied the right to withdraw cash from their own accounts. It is shocking that banks are transferring crop loans to farmers accounts and when the go to withdraw, they are allowed nominal withdrawal, as there is an acute shortage of cash. The poor branch managers are helpless, as there is a serious & continuing cash crunch. While the farmer has no access to his loan money, the interest clock starts ticking. The well connected at the same time are managing to get out cash as much as they need. The press is not highlighting the dimensions of this crisis.
My petition to Indian Banks Association on behalf of the suffering rural folk is to address the situation. Increase the cash supply immediately. Wherever a cash withdrawal is not honoured by a bank, penalise the bank, and also not to charge interest on a loan amount that cannot be withdrawn & utilised. This requires immediate attention as the farmers require money urgently for the crop season.
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