Demonetisation cap

Demonetisation cap: People welcome hike in withdrawal limit to Rs 10,000

Jamshedpur No Comments on Demonetisation cap: People welcome hike in withdrawal limit to Rs 10,000 29

Jamshedpur , Jan. 17: Steel city residents heaved a sigh of relief with RBI raising the daily ATM withdrawal limit from Rs 4,500 to Rs 10,000.

However, people questioned the rationale behind retaining the weekly ceiling at Rs 24,000. They said that it would ease the overall situation as they would not have to queue up for money frequently.

The Reserve Bank of India (RBI) earlier in the day hiked the daily ATM withdrawal limit from Rs 4,500 to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.

“Since the time demonetisation was announced, I have had to queue up many a time as the upper limit was just Rs 2,500 initially and later it was raised to Rs 4,500,” a resident of Sakchi. “Now, I can withdraw Rs 10,000 in one go. It’s a great move as the financial situation will get much better,” he added.

The RBI has decided to enhance the limit with immediate effect, but banks across the city had not been able to implement it until late Monday evening.

By and large, the condition was the same at many ATMs where people tried to withdraw more than Rs 4,000 but failed. However, most of them did not complain and said that they expect the settings to be changed post-midnight.

“We expect the move to be implemented post-midnight, as banks will have to change their settings,” 30-year-old Krishna Jha said, adding: “This decision of increasing the limit has obviously been taken in favour of the public.”

He further said: “We won’t have to queue up again and again. Rs 10,000 is a sufficient amount. I feel it should remain this much only even in the future.”

A retired employee said that face difficulty due to poor health in coming to ATMs to Bistupur to withdraw money as ATMs near house only give out Rs 2000 which becomes a burden as it is difficult to convert it into smaller denominations and we are forced to purchase things to convert into smaller denominations.

SBI sources said the ATMs have started dispensing amount of Rs 10,000 following increase of withdrawal limit and our ATM server was set accordingly.

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