NEW DELHI: There may be a cash crunch at ATMs this festival season on account of a shortage of armed staff in private security agencies that provide logistics services to banks.
According to industry estimates, the number of armed security guards in cash handling agencies has come down to a third of what it was six months ago, hitting logistics operations. Besides, many of them are expected to go on leave during the festivals — Navratri, Dussehra, Diwali and so on — adding to the woes of the cash logistics firms.
A number of ATMs are now being loaded with cash every fifth day, instead of every two days earlier, say industry officials. About Rs 15,000 crore cash is moved on behalf of banks every day, according to the Cash Logistics Association.However, according to a public sector bank official, lenders are taking adequate measures to feed extra cash into ATMs, taking into account the additional demand during the festival season.
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