Demonetisation: Cash in, Chandigarh residents call for lifting cap on ATM withdrawal
8 years, 2 months ago

Demonetisation: Cash in, Chandigarh residents call for lifting cap on ATM withdrawal

Hindustan Times  

Forced to be part of long queues at ATMs and banks since November 8, when the Prime Minister invalidated 86% of the country’s cash in circulation, the past two months have tested the patience of the city residents as they grappled with the economics of less or no cash. Most ATMs were found dispensing cash and hardly any resident was seen complaining, as the HT team went on a reality check in Chandigarh on Sunday. Puneet Nagpal, a resident of Zirakpur, who was seen withdrawing money from the Oriental Bank of Commerce, said, “Thankfully, things have settled down. I’m happy that in the last one week, I’m able to withdraw money from whichever ATM I have gone to.” Similarly, most banks in the southern sectors were also operating, except for the ICIC Bank ATM at Sector 35.

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History of this topic

Nagpur ATM machine dispenses 5-fold cash; locals rush to withdraw money
2 years, 9 months ago

Nagpur ATM machine dispenses 5-fold cash; locals rush to withdraw money

India TV News  

Highlights The incident came to light when a man got Rs 2,500 while trying to withdraw Rs 500 The ATM was dispensing extra cash due to a technical glitch The matter was reported from the ATM of a private bank in Khaparkheda, around 30 km from Nagpur A man was in for a pleasant surprise when he tried to withdraw …

Security tightened at Yes Bank branches, ATMs in Mumbai as depositors rush to withdraw money
5 years ago

Security tightened at Yes Bank branches, ATMs in Mumbai as depositors rush to withdraw money

India TV News  

As Yes Bank depositors rush to ATMs on Friday to withdraw cash a day after it was put under a moratorium, security at its branches, ATMs, headquarters across Mumbai was tightened to avert any untoward incident. The RBI has capped a withdrawal limit of Rs 50,000 as Yes Bank's faces capital crunch. During the day, account-holders rushed to branches of …

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash
6 years, 4 months ago

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash

Firstpost  

Banks in India must dismantle ATMs and simultaneously install more and more swiping machines for their trade customers. State Bank of India has done well to limit cash withdrawals per day by its classic and maestro cardholders to Rs 20,000 from today from the hitherto generous limit of Rs 40,000 ). Indian Overseas Bank, for example, allows on its classic …

Cash transactions up after demonetisation but India’s ATM network far from adequate
6 years, 5 months ago

Cash transactions up after demonetisation but India’s ATM network far from adequate

Live Mint  

Although demonetisation seemed to put a dampener on India’s cash economy, data shows that it might not have been a lasting impact. The TCPSL report said that India witnessed significant growth in the volume of cash transactions even after demonetisation. The TCPSL report states that even though India’s urban population has adapted to digital payments and transactions, the country’s vast …

After demonetization, people have been withdrawing larger amounts from ATMs
6 years, 11 months ago

After demonetization, people have been withdrawing larger amounts from ATMs

Live Mint  

Has there been too much withdrawn from automated teller machines? In fact, going by figure 1, it is likely to take a long time for the number of withdrawals from ATMs to hit pre-demonetization levels. In fact, as figure 2 shows, as soon as cash was widely available following demonetization, the average ATM withdrawal amount became higher than in the …

Government attempts damage control as ATMs run dry
6 years, 11 months ago

Government attempts damage control as ATMs run dry

The Hindu  

Amidst reports of a cash crunch from different parts of the country, Union Finance Minister Arun Jaitley said the government was “tackling the issue quickly” to overcome a “temporary shortage” caused by a sudden spurt in demand. Appealing to citizens not to panic, the Finance Ministry said, “We continue to have in stock adequate currency notes of all denominations, including …

ATMs running out of cash remind me of demonetisation days: Mamata Banerjee
6 years, 11 months ago

ATMs running out of cash remind me of demonetisation days: Mamata Banerjee

India TV News  

Amid reports of ATMs running dry in several states, West Bengal Chief Minister Mamata Banerjee on Tuesday said it reminds her of the demonetisation days. "Seeing reports of ATMs running out of cash in several states. However, Union Finance Minister Arun Jaitley on Tuesday said the government has reviewed the situation and "there is more than adequate currency in circulation". …

Rajahmundry: Bank ATMs' erratic ways raise concern
7 years, 3 months ago

Rajahmundry: Bank ATMs' erratic ways raise concern

Deccan Chronicle  

Rajahmundry: There seems to be no relief for people wanting to withdraw cash from automated teller machines. At another ATM of a private bank, the machine was displaying the word 'processing' continuously when the customer wanted to withdraw cash and he had to stop it after waiting for a long time. The bank officials advised customers who intend to deposit …

ATMs run dry: With cash withdrawals at pre-demonetisation levels, is Modi's digitisation drive facing hurdle?
7 years, 11 months ago

ATMs run dry: With cash withdrawals at pre-demonetisation levels, is Modi's digitisation drive facing hurdle?

Firstpost  

Supply of cash from banks to ATMs has currently dropped to Rs 6 lakh from Rs 12 lakh per booth on an average before the note ban days. Data from National Payments Corporation of India shows that bank ATM withdrawals exceeded Rs 1 lakh crore last month, almost the same level seen in October 2016 but double the amount in …

Cash withdrawal and deposit rules as of 3 April
7 years, 11 months ago

Cash withdrawal and deposit rules as of 3 April

Live Mint  

New Delhi: The Reserve Bank of India’s deadline to exchange the old Rs500, Rs1,000 currency notes for Indians who were abroad between 10 November and 30 December 2016 ended on Friday. Here’s a list of cash withdrawal and deposit rules as of 3 April: ■ Old Rs500, Rs1,000 currency notes: The facility for exchange of the scrapped old Rs500, Rs1,000 …

No cap on cash withdrawals at ATMs from Feb 1, says RBI
8 years, 1 month ago

No cap on cash withdrawals at ATMs from Feb 1, says RBI

India TV News  

The Reserve Bank of India today announced the removal of cap on cash withdrawals at ATMs with effect from February 1. The removal of the limits came nearly three months after the Centre scrapped Rs 500 and Rs 1000 notes and imposed a limit on cash withdrawals, creating a huge cash crunch across the country. In a circular issued to …

Cash withdrawal and deposit rules as of 19 January
8 years, 2 months ago

Cash withdrawal and deposit rules as of 19 January

Live Mint  

New Delhi: The Reserve Bank of India on Tuesday enhanced the cash withdrawal limit at automated teller machines to Rs10,000 per day per card. Here is a list of RBI rules on cash withdrawal and deposits as of 19 January: ■ For saving bank account customers, cash withdrawal limit from ATMs now stands at Rs10,000 per day per account. ■ …

RBI raises ATM withdrawal limit to Rs.10,000 per day.
8 years, 2 months ago

RBI raises ATM withdrawal limit to Rs.10,000 per day.

Live Law  

In a move that will address the cash crunch post the demonetization, the Reserve Bank of India has enhanced the limit on ATM withdrawals from 4,500/- to Rs.10,000 per day per card. Rs.1,00,000/- per week.The notification issued by the central bank states that the enhanced limit will be operative within the overall. The limit of withdrawal from current account which …

RBI raises ATM withdrawal limit to Rs.10,000 per day.
8 years, 2 months ago

RBI raises ATM withdrawal limit to Rs.10,000 per day.

Live Law  

In a move that will address the cash crunch post the demonetization, the Reserve Bank of India has enhanced the limit on ATM withdrawals from 4,500/- to Rs.10,000 per day per card. Rs.1,00,000/- per week.The notification issued by the central bank states that the enhanced limit will be operative within the overall. The limit of withdrawal from current account which …

Demonetisation: RBI raises daily ATM withdrawal limit to Rs 10,000 per card from Rs 4,500
8 years, 2 months ago

Demonetisation: RBI raises daily ATM withdrawal limit to Rs 10,000 per card from Rs 4,500

Firstpost  

The fears of shortage and cash hoarding by customers are unlikely to go away completely as the RBI continues to withhold details about currency printing and supply The Reserve Bank of India has raised the withdrawal limits from ATMs to Rs 10,000 per day per card from the present Rs 4,500. The limit on withdrawal from current accounts has been …

RBI increases cash withdrawal limit at ATMs to Rs10,000 per day
8 years, 2 months ago

RBI increases cash withdrawal limit at ATMs to Rs10,000 per day

Live Mint  

New Delhi: The Reserve Bank of India has eased the cash withdrawal limit at automated teller machines with immediate effect. These enhanced cash withdrawal limits will be within the weekly cap of Rs24,000, the central bank said. RBI has also enhanced weekly cash withdrawal limits for current accounts to Rs1 lakh from Rs50,000 earlier. On 1 January, RBI had relaxed …

Demonetisation: Rs 4,500 per day ATM limit is of little help when 2/3 machines run dry
8 years, 2 months ago

Demonetisation: Rs 4,500 per day ATM limit is of little help when 2/3 machines run dry

Firstpost  

When Prime Minister Narendra Modi addresses the nation on the New Year Eve, he should give clarity on how long the current cash shortage will continue. That’s the biggest worry for the common man ATMs will dispense a maximum Rs 4,500 per day per account holder beginning 1 January, said a circular from the Reserve Bank of India on Friday. …

Demonetisation: Withdrawal limit from ATM hiked to Rs 4,500 per day from 1 January
8 years, 2 months ago

Demonetisation: Withdrawal limit from ATM hiked to Rs 4,500 per day from 1 January

Firstpost  

In a relief to common man, the Reserve Bank of India on Friday said cash withdrawal limit from ATMs will be increased to Rs 4,500 per day from the current Rs 2,500 from 1 January Mumbai: In a relief to common man, the Reserve Bank of India on Friday said cash withdrawal limit from ATMs will be increased to Rs …

Restrictions on cash withdrawals may continue beyond December 30
8 years, 3 months ago

Restrictions on cash withdrawals may continue beyond December 30

Firstpost  

Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on cash availability. New Delhi: Restrictions on withdrawal of cash from banks and ATMs are likely to continue beyond December 30 as currency printing presses and RBI have not …

Cash withdrawal rules to be eased after 80% remonetisation: Official
8 years, 3 months ago

Cash withdrawal rules to be eased after 80% remonetisation: Official

Live Mint  

New Delhi: The government is considering easing rules on cash withdrawals, starting with cooperative banks, once 80% of the new currency is introduced into the system, a top official said on Thursday. With 50% or Rs7.5 trillion worth of remonetisation complete, queues at banks have reduced substantially and are visibly longer only in poll bound states like Uttar Pradesh and …

New note ban and cash withdrawal rules as of 19 December
8 years, 3 months ago

New note ban and cash withdrawal rules as of 19 December

Live Mint  

New Delhi: The Narendra Modi government on Monday placed additional limits on deposits of old Rs500, Rs1,000 notes into bank accounts. • The current limits on cash withdrawal will be reviewed after 30 December, the last day to deposit old Rs500 and Rs1,000 currency notes, says finance secretary Ashok Lavasa. • The government is considering easing rules on cash withdrawals, …

Cash crunch may escalate during three-day bank holiday
8 years, 3 months ago

Cash crunch may escalate during three-day bank holiday

India TV News  

With three-day bank holiday starting today and a majority of ATMs still not functioning, the cash crunch in the country may escalate further leaving residents high and dry for want of cash during the weekend. Referring to the cash seizure of Rs 85 lakh in Rs 2,000 notes from a person at Matunga in central Mumbai by police yesterday, he …

Cash withdrawal and deposit rules as of 5 December
8 years, 3 months ago

Cash withdrawal and deposit rules as of 5 December

Live Mint  

New Delhi: The Narendra Modi government on 5 December said that all toll plazas in national highways will receive payments through credit or debit cards from now on and e-wallet besides accepting old currency notes of ₹ 500 till December 15. Last week, it had cut short the deadline of using old Rs500 currency notes at petrol pumps and for …

Demonetisation: RBI eases withdrawal limits for deposits made in legal tender
8 years, 4 months ago

Demonetisation: RBI eases withdrawal limits for deposits made in legal tender

ABP News  

MUMBAI: To encourage people to deposit valid currency notes in banks, RBI today said bank customers would be able to withdraw deposits made in current legal tender notes beyond the current limits, a move aimed at increasing currency circulation in system. For example, if someone deposits valid legal tenders of Rs 4,000, the withdrawal limit for that person would rise …

Over two weeks after banknote ban, here are all steps taken by Modi govt
8 years, 4 months ago

Over two weeks after banknote ban, here are all steps taken by Modi govt

Hindustan Times  

Prime Minister Narendra Modi shocked the country on November 8 by abolishing Rs 500 and Rs 1,000 notes, which accounted for 86% of the cash in circulation. November 23 - The government says will offer Rs 210 bn rupees in farm credit to farmers November 22 - RBI sets balance kept in prepaid wallets, cards at 20,000 rupees from 10,000 …

New rules on cash withdrawal: Note exchange stopped at banks
8 years, 4 months ago

New rules on cash withdrawal: Note exchange stopped at banks

Live Mint  

New Delhi: The Narendra Modi government has changed norms on cash withdrawal and deposits following the ban on ₹ 500 and ₹ 000 notes. However, payments can be done only through old Rs500 notes • The Reserve Bank of India on Friday clarified that it will allow exchange of old ₹ 500 and ₹ 1,000 notes at its counters up …

Demonetisation: Cash withdrawal norms eased for farmers, agri-traders, weddings
8 years, 4 months ago

Demonetisation: Cash withdrawal norms eased for farmers, agri-traders, weddings

Firstpost  

The government on Thursday announced a set of seven decisions pertaining to demonetisation, mainly aimed at smooth sowing season ahead New Delhi: The government on Thursday announced a set of seven decisions pertaining to demonetisation, mainly aimed at smooth sowing season ahead, including permission to farmers to withdraw up to Rs 25,000 per week and registered agri-traders Rs 50,00 per …

Hyderabad: Cash causes confusion over RBI rules capping cash withdrawals
8 years, 4 months ago

Hyderabad: Cash causes confusion over RBI rules capping cash withdrawals

Deccan Chronicle  

Hyderabad: Lack of clarity over the day when RBI rules capping cash withdrawals set in created confusion among bankers. Under the “demonetisation scheme”, people were allowed to withdraw Rs 4,000 a week — later changed to Rs 4,500. “Recently, when RBI relaxed cap on withdra-wal from Rs 20,000 to Rs 24,000 in a week, I withdrew Rs 10,000 once from …

Hyderabad: Bank refuses cash even after 7 days of withdrawal
8 years, 4 months ago

Hyderabad: Bank refuses cash even after 7 days of withdrawal

Deccan Chronicle  

Hyderabad: Lack of clarity over the day when RBI rules capping cash withdrawals set in created confusion among bankers. This led to ATMs refusing to dispense permissible amount of cash even a week after the last ATM withdrawal. Under the “demonetisation scheme”, people were allowed to withdraw Rs 4,000 a week — later changed to Rs 4,500. “Recently, when RBI …

ATM withdrawal limit won’t be raised to ₹4,000 per day this weekend
8 years, 4 months ago

ATM withdrawal limit won’t be raised to ₹4,000 per day this weekend

Live Mint  

New Delhi: The government has decided not to increase the ATM withdrawal limit to Rs4,000 a day by this weekend as majority of the ATMs are yet to be recalibrated for dispensing new Rs500 and Rs2,000 notes. After withdrawing Rs500 and Rs1,000 notes — which make up for 86% of the total currency in circulation, the government had on 8 …

Demonetisation woes: Surge in cash rush, Maharashtra sets up cabinet panel to suggest ways to help people
8 years, 4 months ago

Demonetisation woes: Surge in cash rush, Maharashtra sets up cabinet panel to suggest ways to help people

Firstpost  

The BJP-led government in Maharashtra decided to set up a cabinet sub-committee to recommend further measures to mitigate the hardships of the people due to demonetisation. Mumbai: As banks opened after a day’s recess, Mumbai and suburbs witnessed greater scramble for cash with people making a beeline before banks and ATMs to exchange old currency notes and withdraw cash for …

Bank on them: People who are working hard to solve your cash crunch
8 years, 4 months ago

Bank on them: People who are working hard to solve your cash crunch

Hindustan Times  

Bina Madan is slated to get married on November 21. Like Bina, thousands of bank officials and ATM managers across the city are working round-the-clock to help people get new notes after the government scrapped currency of 500 and 1,000 denomination from November 9. I used to leave the bank by around 5.30pm and would reach home in an hour …

In course correction after demonetisation, govt eases cash withdrawal norms
8 years, 4 months ago

In course correction after demonetisation, govt eases cash withdrawal norms

Hindustan Times  

The government relaxed cash withdrawal norms on Monday to help small businesses and the rural poor, but a bank holiday in 18 states and empty ATMs piled more misery on people from last week’s surprise recall of high-value banknotes. The latest decisions are part of government efforts to ease a cash crunch following the abrupt withdrawal of 500-and 1,000-rupee bills …

Cash deposits cross Rs 1.5 lakh crore in five days since currency ban
8 years, 4 months ago

Cash deposits cross Rs 1.5 lakh crore in five days since currency ban

India TV News  

The impact of the government’s November 8 move to demonetise 500, 1000-rupee notes is evident from the fact that the total cash deposited in banks within five days of the announcement has crossed Rs 1.5 lakh crore. State Bank of India alone received total cash deposits of Rs 75,945 crore and exchanged currency worth Rs 3,753 crore, says a Times …

New notes in ATMs soon, withdrawal limit raised: 10 updates on demonetisation
8 years, 4 months ago

New notes in ATMs soon, withdrawal limit raised: 10 updates on demonetisation

Hindustan Times  

Prime Minister Narendra Modi held a special meeting in the early hours of Monday to take stock of the government’s demonetisation scheme that is aimed at draining illegal cash from the economy. The move – under which the Centre has withdrawn old Rs 500 and Rs 1000 notes – has sparked chaos and confusion across the country with millions of …

Modi holds late-night meeting with senior ministers on demonetisation
8 years, 4 months ago

Modi holds late-night meeting with senior ministers on demonetisation

The Hindu  

Prime Minister Narendra Modi held a meeting with senior ministers past midnight on Monday to review demonetisation and its impact. The meeting at Prime Minister’s residence was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, I&B Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance ministry. The meeting came amid continuing …

Demonetisation: Cash Withdrawal Limit At ATMs Increased To Rs 2500/- Per Day: Limit Of Rs.10,000/- Per Day Removed
8 years, 4 months ago

Demonetisation: Cash Withdrawal Limit At ATMs Increased To Rs 2500/- Per Day: Limit Of Rs.10,000/- Per Day Removed

Live Law  

The Finance Ministry today reviewed the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country.As per the PIB report, the following decisions were taken by the Ministry today: Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at. …

Demonetisation: Cash Withdrawal Limit At ATMs Increased To Rs 2500/- Per Day: Limit Of Rs.10,000/- Per Day Removed
8 years, 4 months ago

Demonetisation: Cash Withdrawal Limit At ATMs Increased To Rs 2500/- Per Day: Limit Of Rs.10,000/- Per Day Removed

Live Law  

The Finance Ministry today reviewed the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country.As per the PIB report, the following decisions were taken by the Ministry today: Coordination is being continuously done by Ministry of Finance with RBI, Banks and Post Offices to make all denomination notes available at. …

Demonetisation: Non-functioning ATMs, angry people; we might be staring at a disaster
8 years, 4 months ago

Demonetisation: Non-functioning ATMs, angry people; we might be staring at a disaster

Firstpost  

Samudra manthan brought out amruta, the elixir of life. The harrowing faces of helpless citizens queuing up for hours, only to be denied, countless tales of the economically-disempowered working sections of the society offering a line of credit to their affluent clients, many anecdotes of the sick and infirm being turned away from hospitals, people collapsing due to exhaustion amid …

ATMs, banks run out of cash as people grapple to replace Rs500, Rs1000 notes
8 years, 4 months ago

ATMs, banks run out of cash as people grapple to replace Rs500, Rs1000 notes

Live Mint  

Mumbai/New Delhi: India’s cash crisis stretched into its third day as ATMs ran dry and people stood for hours in long lines to exchange their now-defunct notes, while a government official said the shortages will continue into December. Pushpendra Pankaj, a worker at New Delhi’s municipal council, said he had been waiting for one and a half hours at the …

Rs 1000, Rs 500 notes banned: ATMs go dry soon after opening; queues continue at banks
8 years, 4 months ago

Rs 1000, Rs 500 notes banned: ATMs go dry soon after opening; queues continue at banks

Firstpost  

Banks are saying that they are trying to recalibrate the ATMs for higher denomination notes which will take them some days. New Delhi: Long queues were witnessed at banks and ATMs, which opened after two days, as people rushed to get new banknotes in lieu of their old defunct bills. Banks are saying that they are trying to recalibrate their …

Demonetisation effect: ATMs go dry soon after opening, people rush to banks for cash
8 years, 4 months ago

Demonetisation effect: ATMs go dry soon after opening, people rush to banks for cash

India TV News  

Despite a two-day break for stocking up new currency notes, several cash vending machines across the country are still not functioning, forcing people to rush to bank for cash. ATMs, which reopened two days after Prime Minister Narendra Modi announced demonetisation of two biggest currency notes, had people queued up since early morning. This comes even as the government on …

Rs 500 and Rs 1,000 notes ban: ATMs remain shut as banks replace old currency notes
8 years, 4 months ago

Rs 500 and Rs 1,000 notes ban: ATMs remain shut as banks replace old currency notes

Firstpost  

All ATMs will remain shut on Wednesday and Thursday as banks replace the now declared invalid Rs 500 and Rs 1,000 notes with new currency papers. New Delhi: All ATMs will remain shut on Wednesday and Thursday as banks replace the now declared invalid Rs 500 and Rs 1,000 notes with new currency papers. On Tuesday night, after the government’s …

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