Withdraw Rs.10,000 a Day from ATMs

The RBI raised the daily withdrawal limit at automated teller machines to Rs.10,000 per card and doubled that for current accounts to Rs.1 lakh per week, signalling that the post-demonetisation cash crunch is easing as currency supplies have risen over the past few weeks.

While the overall cap of Rs.24,000 per week for savings accounts stays in place.

Almost Rs.14 lakh crore of the old Rs.500 and Rs.1,000 notes has come back to banks in the form of deposits. That's out of an estimated Rs.15.4 lakh crore of cancelled currency.

As supplies have increased, panic has eased and people aren't holding onto cash, which has further eased the situation.

RBI has faced criticism over poor planning that led to cash shortages after demonetisation as ATMs and banks ran out of currency.

No comments: