Angry Mobs Lock Up Indian Bankers As Cash Chaos Soars: ‘We Are Fearing The Worst’

‘India’s demonetization campaign is not going as expected.
Overnight, banks played down expectations of a dramatic improvement in currency availability, raising the prospect of queues lengthening as salaries get paid and people look to withdraw money from their accounts the Economic Times reported.
While much of India has become habituated to the sight of people lining up at banks and cash dispensers since the November 8 demonetisation announcement, bank officials said the message from the Reserve Bank of India is that supplies may not get any easier in the near future and that they should push digital transactions. “We had sought a hearing with RBI as we were not allocated enough cash, but we were told that rationing of cash may continue for some time,” said a banker who was present at one of several meetings with central bank officials.’
Read more: Angry Mobs Lock Up Indian Bankers As Cash Chaos Soars: ‘We Are Fearing The Worst’