Relief on Wheels by Canara Bank in Bengaluru

In a quest to help the common man after scrapping out of currency notes, the Canara Bank in Bengaluru rolled out the mobile ATM such that people can withdraw the new currency notes without standing for long in queues and waiting for their turn.

The bus has been spotted at the MG Road in Bengaluru and as a matter of fact nearly 800 customers managed to withdraw cash worth Rs 8 lakh. The bus arrived at around 5:30 in the evening and people felt a sign of relief as they no longer have to wait for their turn.

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The General Manager of Canara Bank, MM Chiniwar said, “I was taking a stroll in the evening on MG Road and found that most of the ATMs were running out of cash. So, I got our mobile ATM, which serves Bengaluru Rural customers, pressed into service.”

It has been noted that in 98% of consumer transactions, cash is being used according to a research. The country has a total of 1.3 billion population has only 200,000 ATMs and roughly half of them are broken.

People are constantly complaining about this failure in the system. Some of them, however, supported the decision taken by the government but were disappointed that it should have been implemented with an action plan for the common man.

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Chiniwar appealed the consumers to visit bank branches to withdraw money when ATMs are running out of cash. He said, “We have separate counters for depositing cash, withdrawing cash and exchanging notes.”

After the scrapping of Rs 500 and Rs 1000 notes the Canara Bank has seen transactions of Rs 40 lakh per day across the country.

While speaking about the Canara Bank facility Chiniwar said, “Canara Bank has received Rs 10,000 crore deposits. This way our CASA (current and savings account ratio) will grow. It will improve our deposit rates, advances and loans. The Bengaluru Circle, which consists of 561 branches, has seen a growth of Rs 500 crore in deposits in three days.”

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