Late on Friday, The Reserve Bank of India have added extra limit in the withdrawal bar of ATMs. Earlier which was Rs. 2,500 is now Rs. 4,500 with effect from January 1, 2017. The weekly withdrawal limit is still the same which is Rs. 24,000, which includes ATM and individuals both (for small traders, its Rs. 50,000).
On this, the central bank mentioned that, “On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 1, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card”.
Since November 9, 2016, demonetisation (trash of Rs. 500 and Rs. 1000) notes was introduced, which led to heavy withdrawal restrictions from banks and ATMs.
Further, the Reserve Bank’s mentioned, “There is no change in weekly withdrawal limits” and such disbursals “should predominantly be in the denomination of Rs 500”.
On early notes, RBI had decided to permit White Label ATM Operators to make available cash from retail outlets.
Most of the White Label ATMs are totally running out of cash as they could not arrange cash from their sponsor bank(s). Yesterday, was the final day to deposit the currency notes in banks. But, still people have time and chance to deposit the currency notes at some designated RBI counters till March 31 giving genuine reason behind their deposit.
As a report says, only 40 percent part of the 2.2 lakh ATMs are capable to serve the public with cash. On this severe matter, the RBI and government have no solid excuse to make and are not in situation to comment on the normalcy of this issue.
Till December 19, banks had issued Rs. 5.93 lakh crore to public. Where we can hardly know about the improvements in the cash situations, an increase in the withdrawal limit is hardly going to make any major difference to customers.