Mumbai. Fear of coronaviruses are affecting every part of people's lives. People are withdrawing huge amounts of cash from banks in anticipation of emergency. Depositors have withdrawn cash worth Rs 53,000 crore from banks in the fortnight ending March 13 from the Reserve Bank. This is the highest level of cash withdrawal in the last 16 months.
According to the RBI, such a huge withdrawal happens only in festivals or elections. The central bank, which supplies the currency to the public through the banking system, said that it has issued so much cash in the last 15 days. Till March 13, the people had a total currency of 23 lakh crores. Economists say that even though digital transactions have increased, the caution and fear factor prevails in people due to emergencies.
During lockdown, most of the essential items will be purchased in cash.
State Bank's Chief Economist SK Ghosh wrote in his recent research note that, during lockdown, most essential items will be purchased in cash. Banks have to ensure the delivery of cash in the event of sudden demand for cash. According to experts, the increase in cash withdrawals from banks has an adverse effect on bank deposits. This can affect the liquidity position in the market during times of financial market fluctuations.
Cash needs increased due to reduced online service
Axis Bank Chief Economist Saugata Bhattacharya said that people were apprehensive whether they would be able to access banks and ATMs in this situation. So, people took heavy evacuation as a precaution. Banks are promoting online transactions but many e-commerce companies like Flipkart have limited delivery service. Because of this people are also shopping offline, for which cash is required. Grocery and other online shopping items have now shifted to local shopkeepers.
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