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Has there been too much withdrawn from automated teller machines?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 pre-note ban period. This amount immediately hit pre-demonetization levels as soon as adequate cash was available in March 2017, and has increased sharply since then. In fact, in October and December last year, the total amount of cash withdrawn from ATMs was back at the level dictated by the pre-demonetization trend.

Cash Withdrawals Sbi Atms Demonetization Cash Withdrawals  number  withdrawing  cash  figure  demonetization  withdrawn  withdrawals  second  predemonetization  higher  amounts  atms  sbi  larger

History of this topic

Are Indian banks phasing out ATMs?
4 months, 2 weeks ago

Are Indian banks phasing out ATMs?

Firstpost  

Banks in India have shut down a number of ATMs and cash recyclers despite record cash circulation. Banks shutting ATMs amid high cash circulation The decline in the number of ATMs in India comes at a time when cash in circulation in the country is Rs 34.70 lakh crore, a whopping 100 per cent increase since the demonetisation. As per …

Nationwide Building Society ATM cash withdrawals rise for second year in a row
1 year, 2 months ago

Nationwide Building Society ATM cash withdrawals rise for second year in a row

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here
3 years, 8 months ago

SBI ATM Cash Withdrawal Rules, Charges to Change from Next Month. Details Here

News 18  

Starting from next month, State Bank of India is all set to change the rules and charges for cash withdrawals from its ATMs and bank branches. Know new rules 1) The changes will be applicable for SBI Basic Savings Bank Deposit account holders. Touted as zero balance savings account, SBI Basic Savings Bank Deposit account is meant for poorer sections …

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline
4 years, 5 months ago

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline

The Telegraph  

Cash usage has nearly halved in three years, ATM data has shown, amid fears coronavirus has accelerated the “permanent” decline in notes and coins. Millions of people still rely on cash for their day-to-day spending, experts said while a charity warned the UK is “hurtling towards a cashless society”. Gareth Shaw, from consumer group Which?, said: “While digital payments have …

SBI Extends OTP-Based ATM Withdrawal Throughout the Day
4 years, 6 months ago

SBI Extends OTP-Based ATM Withdrawal Throughout the Day

The Quint  

To reinforce ATM security system, lending major State Bank of India on Tuesday, 15 September, has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day. OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country starting 18 September. "For withdrawing Rs 10,000 and above, SBI …

SBI to change ATM cash withdrawal rules from September 18. Know details
4 years, 6 months ago

SBI to change ATM cash withdrawal rules from September 18. Know details

Live Mint  

India's biggest bank SBI is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country. For safeguarding customers, SBI had introduced OTP based cash withdrawals of above ₹10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. "With the introduction of 24x7 OTP-based cash withdrawal facility, SBI …

SBI ATM cash withdrawal: New rules from today. Details explained here
5 years, 2 months ago

SBI ATM cash withdrawal: New rules from today. Details explained here

Live Mint  

Keeping in view the incidents of ATM-related frauds on the rise, State Bank of India has introduced a one-time password -based cash withdrawal system for its ATMs. SBI's OTP-based ATM cash withdrawal facility has come into system with effect from today, 1st January 2020. How will SBI customer withdraw cash through OTP In this process, once the cardholder enters the …

For SBI account holders, 3 things that change from today
5 years, 2 months ago

For SBI account holders, 3 things that change from today

Live Mint  

From today, 1st January 2020, few rules are changing for State Bank of India. In an attempt to improve customer experience, SBI is making some changes in its services like OTP-based ATM transactions, upgradation to EMV chip debit card, and reduction in its external benchmark based rate resulting in cheaper home loans. Let's take a look at what will change …

Important news for SBI cardholders! Bank introduces OTP-based cash withdrawal system. Get details here
5 years, 2 months ago

Important news for SBI cardholders! Bank introduces OTP-based cash withdrawal system. Get details here

India TV News  

In recent times, many cases of unauthorized transactions on account of skimmed/cloned cards were registered that led to fraud. To minimise the number of unauthorized transactions happening on ATMs, the State Bank of India has decided to introduce the OTP-based cash withdrawal system. The bank on its official Twitter handle posted a tweet, "Introducing the OTP-based cash withdrawal system to …

SBI to introduce new way of ATM cash withdrawal from 1st January
5 years, 2 months ago

SBI to introduce new way of ATM cash withdrawal from 1st January

Live Mint  

Country's largest lender State Bank of India will be introducing one time password based cash withdrawal system to help protect its customers from unauthorised transactions at ATMs. The OTP-based cash withdrawal system shall be active across all SBI ATMs effective 1 January 2020 between 8 pm to 8 am. Here is all you need to know about SBI's OTP-based cash …

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out
5 years, 3 months ago

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out

India TV News  

Bank ATM Transaction: In a move to put a curb on the increase in fraud in ATM cash withdrawals and ensure its safety, the Reserve Bank of India on Thursday announced new guidelines on ATM transactions. In its bi-monthly “Statement on Developmental and Regulatory Policies”, the central bank noted that several banks and other regulated entities depend on third-party application …

Demonetization 3rd anniversary: How digital payments picked up post note ban
5 years, 4 months ago

Demonetization 3rd anniversary: How digital payments picked up post note ban

Live Mint  

The National Democratic Alliance government’s massive currency culling exercise three years ago has brought India’s payments system at an inflection point, where cash transactions continue to dominate. In a country which was primarily cash dependent, the pre-demonetisation period witnessed slow adoption of digital payments,” said Sampad Swain, chief executive officer and co-founder of payment gateway firm Instamojo. Similarly, fund transfer …

Three years since demonetisation, cash is back
5 years, 4 months ago

Three years since demonetisation, cash is back

The Hindu  

Three years since demonetisation, the level of cash with the public has grown faster than the GDP growth of the country, even as digital payments — especially those on the Unified Payments Interface platform — have seen robust growth. Demonetisation: a year later According to the RBI’s annual report, the number of UPI payments in 2018-19, at 535 crore, for …

Attention ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks
5 years, 5 months ago

Attention ATM users! SBI, Bank of Baroda restrict cash withdrawals from micro-ATMs of other banks

India TV News  

Bank ATM users alert: Bank of Baroda and State Bank of India have put cash withdrawal limitations for customers at micro-ATM terminals of other banks, in a move that would majorly impact banking services in rural areas. According to Economic Times reports, under new rules, BoB has limited its withdrawals for customers from micro-ATM terminals of other banks to four …

Bank of India asks account holders to stop using debit cards for cash withdrawal – India TV
5 years, 6 months ago

Bank of India asks account holders to stop using debit cards for cash withdrawal – India TV

India TV News  

Amid a massive rise in the fraud cases happening through bank ATM cards or debit cards like cloning and skimming, India's one of the largest public sector bank Bank of India has issued an advisory for its customer. The bank in its statement has warned its customer of banking fraud and has asked them to stop using a debit card …

RBI to review ATM charges: How will it affect your money withdrawal?
5 years, 9 months ago

RBI to review ATM charges: How will it affect your money withdrawal?

Live Mint  

Mumbai: Recently, the Reserve Bank of India set up a committee to review the automated teller machine interchange fee. The committee will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, the overall patterns of usage of ATMs by cardholders and assess the impact on charges and interchange fees, assess the entire gamut of …

India records decline of 597 ATMs this year; cash withdrawal ratio falls to lowest: RBI report
5 years, 9 months ago

India records decline of 597 ATMs this year; cash withdrawal ratio falls to lowest: RBI report

India TV News  

The number of ATMs in India dropped to 2,21,703 as on March 31, 2019 from 2,22,300 at the end of 2017, recording a decrease of 597 ATMs during the period, according to a report released by the Reserve Bank of India. India also has one of the lowest ratios of ATM cash withdrawal relative to cash in circulation, revealed the …

Opinion | The slow suffocation of ATMs in the country
5 years, 10 months ago

Opinion | The slow suffocation of ATMs in the country

Live Mint  

Human memory is short, but a small trigger can revive painful episodes. According to the Reserve Bank of India, the number of ATMs across the country has shrunk over the past two years despite rising transactions done on these machines. A Bloomberg report published on Thursday in Mint refers to an International Monetary Fund chart for 2017 which shows that …

Why number of ATMs is going down in India?
5 years, 10 months ago

Why number of ATMs is going down in India?

Live Mint  

Finding an ATM in India is getting tougher even as dependence on cash persists, thanks to tighter regulations that make it more costly to run the machines. The number of automated teller machines in the country shrank in the past two years despite an increase in transactions, Reserve Bank of India figures showed Saturday. That risks undermining Prime Minister Narendra …

No ‘less cash’ two years post note ban
6 years, 4 months ago

No ‘less cash’ two years post note ban

The Hindu  

Thursday, November 8, marks the second anniversary of the demonetisation exercise. According to Reserve Bank of India data, currency in circulation rose to ₹19.6 lakh crore as on October 26, 2018, a 9.5% growth from two years ago. Money trail Currency in circulation increased to ₹19.6 lakh crore as on Oct. 26, 2018, from ₹17.9 lakh crore on Nov.4, 2016 …

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 …

SBI to limit ATM withdrawals from October 31; here's how much you money you can withdraw
6 years, 5 months ago

SBI to limit ATM withdrawals from October 31; here's how much you money you can withdraw

India TV News  

The country's largest lender SBI will limit cash withdrawals from ATMs to Rs 20,000 per day for certain card holders from October 31, according to a communication. "Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal …

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 …

Know why SBI reduced ATM withdrawal limit to Rs 20,000
6 years, 5 months ago

Know why SBI reduced ATM withdrawal limit to Rs 20,000

India Today  

With an aim to reduce the rising number of ATM fraud cases and give a boost to digital transactions, the State Bank of India halved the daily ATM withdrawal limit from Rs 40,000 to Rs 20,000. "In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless …

Despite Jan Dhan push, financial inclusion is elusive
6 years, 8 months ago

Despite Jan Dhan push, financial inclusion is elusive

Live Mint  

New Delhi: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while …

People still hoarding cash as withdrawals outpace spending, RBI data shows India's old habits die hard
6 years, 10 months ago

People still hoarding cash as withdrawals outpace spending, RBI data shows India's old habits die hard

Firstpost  

Having speeded up printing presses to refill ATMs, RBI released data showing that people were still hoarding cash as withdrawals outpaced spending Mumbai: Having speeded up printing presses to refill banks’ empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending. The …

Cash is still king: On ATMs running dry
6 years, 11 months ago

Cash is still king: On ATMs running dry

The Hindu  

Nearly 18 months after the government’s decision to scrap currency notes of ₹500 and ₹1,000, which accounted for over 86% of the currency in circulation at the time, large parts of India are in the throes of a severe cash crunch again. Theories abound on how upcoming elections, starting with Karnataka and possibly ending with the Lok Sabha polls in …

ATM cash withdrawals rose sharply in Oct-Mar period: SBI
6 years, 11 months ago

ATM cash withdrawals rose sharply in Oct-Mar period: SBI

Live Mint  

Mumbai: More than a year after remonetization, demand for cash has sharply gone up as seen in a spike in cash withdrawals from ATMs, resulting in cash crunch across some states, the State Bank of India said in a research report on Wednesday. The report, citing data from the Reserve Bank of India, showed that ATM cash withdrawals increased by …

The underlying reason for the ATM cash crunch
6 years, 11 months ago

The underlying reason for the ATM cash crunch

Live Mint  

During the two-year period 2016-18, currency with the public went up by 10.2%. During 2014-16, currency with the public moved up by 28.3%, well above the growth of nominal GDP, which was 22.5%. In other words, we have moved from a situation in which growth in currency with the public was much more than growth in nominal GDP to one …

'Cash availability at ATMs improving', banks rebuff claims of 'crisis'
6 years, 11 months ago

'Cash availability at ATMs improving', banks rebuff claims of 'crisis'

India TV News  

India's largest lender SBI said today that cash availability at its ATMs has increased in the past 24 hours following reports of currency shortages and ATMs running dry from different parts of the country. Several other lenders, including PNB, Canara Bank and Axis Bank claimed that cash shortage at ATMs was limited to select pockets. When asked about its ATMs, …

ATMs run dry: Lessons learnt from demonetisation seem to be forgotten as cash becomes king again
6 years, 11 months ago

ATMs run dry: Lessons learnt from demonetisation seem to be forgotten as cash becomes king again

Firstpost  

People fear that cash is safer at home than in banks and this is further fueled by the string of scams and frauds that have hit banks There could be just two explanations for the shortage of cash in Indian ATMs. Some officials have suggested that ATMs in some states have become dry because of an imbalance in supply, implying …

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch
6 years, 11 months ago

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch

Firstpost  

The Reserve Bank of India will do well taking a closer look at the backyards of cash hoarders, and its own, when it attempts to determine the exact reasons for a sudden, nationwide cash crunch despite printing enough currency. Second, the RBI’s withdrawal of Rs 2,000 notes from the system spawned the cash shortage. Now, taking the difference of the …

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". …

Demonetisation impact: Will cash continue to be king or will digital innovation take over?
7 years, 4 months ago

Demonetisation impact: Will cash continue to be king or will digital innovation take over?

Firstpost  

On 8 November, 2016, taking the nation by surprise in a televised address to the nation, Prime Minister Narendra Modi, announced that bank notes would no longer be legal tender from midnight in order “to break the grip of corruption, fake currency and black money”. All banks and cash machines were ordered to remain close on Wednesday, 9 November in …

Big questions around demonetisation #4: How was your experience with banks and ATMs?
7 years, 4 months ago

Big questions around demonetisation #4: How was your experience with banks and ATMs?

Firstpost  

This is the fourth and final part in a series of big questions asked after the announcement of demonetisation on 8 November, 2016 Editor’s note: This is the fourth and final part in a series of big questions asked after the announcement of demonetisation on 8 November, 2016. You can read the responses to the first big question here, second …

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 …

Demonetisation effect: Rise in cashless payments, 60 pc made through debit cards
7 years, 11 months ago

Demonetisation effect: Rise in cashless payments, 60 pc made through debit cards

India TV News  

It seems that Prime Minister Narendra Modi’s vision of “cashless India”, of which currency demonetisation was the first strike, is on the right path. According to a Times of India report, debit cards have conclusively displaced credit cards as the primary mode of payment in the country following “note ban”. Until October last year, despite outnumbering credit cards by a …

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 …

Limits on Cash withdrawals From Current Accounts & ATMs Withdrawn: Limits On Savings Accounts To Continue [Read Notification]
8 years, 1 month ago

Limits on Cash withdrawals From Current Accounts & ATMs Withdrawn: Limits On Savings Accounts To Continue [Read Notification]

Live Law  

Reserve Bank Of India has withdrawn the limits on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft account and ATMs with Immediate Effect.As per the circular the limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.The limits were imposed on 8th November, 2016 in the wake of withdrawal …

Demonetisation: Growth of digital money in India could lead to a decline in ATMs
8 years, 1 month ago

Demonetisation: Growth of digital money in India could lead to a decline in ATMs

Firstpost  

The past couple of months have been very crucial for the Indian economy. About 98 percent of the country has been dependant and driving on physical currency, and with withdrawal limits, it wasn’t surprising to see banks and ATMs bombarded with people trying to take out money. Shopkeepers, cabs, even the local pan shops started using digital wallets or accepted …

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 …

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 enhances ATM withdrawal limit to Rs 10,000 per day; weekly limit unchanged
8 years, 2 months ago

RBI enhances ATM withdrawal limit to Rs 10,000 per day; weekly limit unchanged

India TV News  

Further lessening the demonetisation woes, the Reserve Bank of India today raised the ATM withdrawal limit from Rs 4,500 to Rs 10,000 per day. “The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card,” the RBI said in a notification. However, no changes have been made in …

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: 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 …

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 …

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