ATM Withdrawal Limit Raised, Micro ATMs Deployed

Post the Govt. scrapping Rs 500 and Rs 1,000 notes, Banks across the country put in extra hours to cope with the sudden cash crunch following the demonetisation. Millions of Indians flocked in to the bank standing in unimaginably long queues. Most ATMs also remained closed thereby worsening the situation for the people.

Prime Minister Modi appeared to fellow Indians to bear the pain till December 30, terming it as a fight against the few corrupt. He urged countrument to support the decision.

Meanwhile the Deposits in Banks crossed Rs. 1.5 Lakh Crore since the announcement of the withdrawal of the old Rs. 500 and Rs. 1000 currency notes.

Sunday was a working day for our PM as he held a meeting with senior ministers past midnight on Sunday to review demonetisation and its impact. The meeting came amid continuing chaos and growing public anger across the country over limited cash availability. 

• Govt advises banks to increase ATM withdrawal limit to Rs 2,500 per day, weekly limit to Rs 24,000. Limit of Rs 10,000 per day removed.
• Banks have been advised to increase the cash holding limit of the banking correspondents to at least 50,000 rupees
• ATMs which are recalibrated to dispense new Rs500 or Rs 2000 notes, they can dispense 2,500 at a time.
• In the mean time the micro ATMs will be deployed in large number of areas to dispense cash against debit and credit cards.
• Banks have been advised to increase exchange limit over the counter from existing Rs 4000/- to Rs 4500/-: Finance Ministry.
• Farmers depositing money in banks will not be taxed.