Banking

Banks Again Disappoint Customers for Ensuring Cash at ATMs

The long vacations of Eid-ul-Fitr proved to be a litmus test for the banking system which again disappointed their customers for ensuring cash at ATMs particularly in the metropolis.

ATMs of some of the banks were reportedly out of cash for past many days as appropriate cash was not filled at the machines in accordance with the demand.

The failure of maintaining balance by commercial banks has been a severe setback for State Bank of Pakistan (SBP) which not only failed to regulate banks ATMs but its management efforts were also misused for providing fresh supplies of fresh currency notes for ATMs of different banks.

Fresh currency note issuance on Eid-ul-Fitr 2019

SBP said it provided fresh banknotes of various denominations aggregating to Rs. 360 billion, including Rs. 61 billion of Rs.100 and below denominations, via cash counters of banks and SMS service (8877) to the general public during Ramazan.

The central bank added that it also issued a sufficient quantity of fresh notes of higher denominations to banks for smooth ATM operations during the Eid Holidays.

In this regard, special teams of SBP and SBP BSC officials shall inspect and monitor the working of ATMs across Pakistan to ensure uninterrupted availability of cash to the general public during the Eid holidays.

ATMs installed at shopping areas, bazaars and markets were reportedly seen out of cash because of the high demand of customers for withdrawing cash from their accounts mainly for shopping of religious festivities.

Besides, there are many ATMs were seen dysfunctional or out of order and were shut down in many parts of the country.

The central bank should not only set up a monitoring system in the entire banking system but it should penalize banks and branches manager for not abiding by its direction to facilitate customers.

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