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Remote Areas in the North

Banks run short of cash

Branches unable to bring cash due to blockade; clients suffer

Sohel Parvez
An excited Sajjad Ali, a rice trader from the Sapahar upazila of Naogaon, arrived at the local branch of Mercantile Bank on Sunday noon to cash in the Tk 2.30 lakh cheque that the wholesaler had given him earlier in the day.
But his anticipation soon turned to disappointment when the bank official informed him that they have run out of cash.
Flustered, he then nervously approached the Sapahar branch of Islami Bank to cash in the other cheque worth Tk 90,000 that the whole-
saler had given him. As luck would have it, he had to return empty-handed from there as well. "I had paddy growers on my back asking for their money. I was so annoyed."
Ali's is not an isolated incident, though. Thanks to the brutal activism that the opposition alliance has unleashed up north since October 26, cash transport between branches has come to a halt.
In many areas, the severe disruption in cash logistics is not creating much of a problem, as demand for withdrawals have dropped with the ebbing economic activities.
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But for a place like Naogaon, a major rice and paddy hub, hard cash is of the essence now, as farmers are bringing in their recently-harvested a man paddy to sell.
For instance, on Tuesday, Jamuna Bank's Naogaon branch had nearly Tk 6 crore of cash withdrawal demands, but was unable to honour the amount, according to Md Rafiqul Islam, manager of die branch.
"Banks usually bring in money from Dhaka to meet the higher fund demand from rice millers and wholesalers during die paddy procurement seasons, but die consistent blockades have created a bar in cash transport."
Islam said the branch is relying on daily deposits from savers to manage the wididrawal demand.
The cash shortage, he says, is testing their people skills to the limit, as they are inundated widi angry customers. "We are handling die situation very delicately, with a lot of empathy."
The bank is honouring the cheques partly and is requesting die customers to come die following day for the remaining amount, he said.
"We have been seriously struggling for almost a month now to meet our regular cash demands," said Ruhul Amin Siddique, manager of die Sapahar branch of Mercantile Bank.
The branch would be unable to bring in money from feeder branches diis week because of blockade until Friday. 'The hope to bring some cash is next Sunday, but that too is uncertain," headded.
As for the wholesalers and traders, they are facing the ire of farmers, many of whom are desperate for some returns after 5-6 mon dis of hard work to harvest the paddy.
'The fund shortage has put us in a tricky situation. The rice millers have transferred the amount to our accounts but we cannot pay the farmers up front, and they are none too pleased about it," said Md Lokman Ali, one of the main paddy wholesalers and commission agents of Shisha 1 laat, a bustling paddy hub in Naogaon.
Sekendar Ali, a rice wholesaler from Naogaon, furdier said: "Some banks say it straight that they are unwilling to take risks to bringcash from other branches to meet our requirements."
His dues to farmers and small paddy traders, because of die banks' inability to supply cash, now stand atTk5 lakh.
Meanwhile, knowing that they might not get cash up front, many farmers in Naogaon are reluctant tobringtheirpaddy to wholesale hubs.
"Although die prices of paddy are higher than last year, many of us are shy of selling paddy because of die uncertainty over getting money
timely from the wholesalers," said Abul Ka lam Azad, a farmer at Porsha upazila of Naogaon.
As for Sajjad Ali, now desperate for money, he arrived at Mercantile Bankeven before die shutters were up, yesterday.
This time, however, he did not need to return completely empty-handed: after earnest pleas, die branch managed to gatherTk 1 lakh for him. He then proceeded to the Islami Bank branch, from where he left with die full amount, though.
The fund crisis was prevalent at die Parbatipur upazila ofDinaj pur district, as well.
Mostafizur Rahman, a rice farmer from die upazila, brought 35 kachi (1 kachi equals 28 kilogram) of aman paddy to sell at die Habra Ha at.
Seeing that many wholesalers were not paying right away, he took his produce to die vendor who had cash on him and sold the entire lot for Tk 5 lesson each kachi.
Liakat Ali, a booksellerat Parbatipur, deposited an account payee cheque worth Tk 2 lakh to his account widi Sonali Bank last Wednesday. It has been almost a week now and die amount is yet to be transferred to his account from Agrani Bank.
"I am dire need of money. I have been calling my bank every day, but they say the same thing to me, diat Agrani is yet to clear that cheque," he