With government going an all out promotion of digital payments and more new currency coming into circulation, the current restrictions on cash withdrawals could soon end. Cash supply to ATMs was expected to normalise by month-end, Hindustan Times has reported.
BCCL
According to the report ATMs are now getting around Rs 9,000 crore a day against Rs 2-3,000 crore in the initial days of demonetisation, where the available currency was in very limited supply.?
Across the country there has been a gradual decrease in the size of the queue in front of ATMs and bank counters.
Quoting an unnamed official, the report said the RBI which is closely monitoring the situation will soon take a decision on easing the withdrawal limits "keeping in mind all parameters".
BCCL
This will come as a huge relief for people, especially in rural areas where cashless transactions are yet to pickup.
The strict withdrawal limits which followed the surprise demonetisation announcement had created chaos across the country. Owing to the cash shortages a lot of weddings were cancelled or postponed in the peak-wedding season.
BCCL
Even though initially the restrictions were till December 31st, it continued to the new year even though the ATM withdrawal limits were increased to Rs 4,500 a day from the original Rs 2,500 per day. However the weekly withdrawal limit ?of Rs 24,000 remained unchanged.
On his address to the nation on the eve of New Year, Prime Minister Modi was expected to announce some sort of relaxations, but it didn't happen.