RBI raises ATM withdrawal limit to Rs 10,000 per day from current Rs 4,500
By Vamsi Krishna N : 17-Jan-2017
The daily limit of ATM withdrawals which currently stands at Rs. 4500, is now raised to Rs. 10000, announced the RBI, keeping the weekly withdrawal limits of Rs. 24000 as unchanged. Alongside, the weekly collectable amount from current accounts has been doubled to a lakh.
Earlier, the government led by Prime Minister Narendra Modi has fixed the withdrawal limits on November 8, followed by its decision to withdraw the legal tender of high denomination notes Rs. 500 and Rs. 1000 in order to deal with the corruption and black money.
This move has caused a catapulting distress all over the country by keeping thousands of citizens in long lines before ATMs and banks for their cash withdrawal and depositing purposes. Further, the move also troubled the bankers by putting them in a conflicting situation through dealing with huge numbers of customers in a single day, every day. Prime Minister Narendra Modi has then made his announcement, addressing the citizens of the nation to bear the consequences of the move for just 50 days, until the situation eases up.
The demonetisation drive has not only caused disruption to the citizens of the country, but also lead to the slashing down of the growth forecast for the fiscal year 2016-17 to an estimate of 6.3 to 6.4 per cent from over 7.5 per cent.
However, the pinnacle central bank of the country, RBI, has received a lot of criticism for its adoption to the government’s landmark decision of demonetisation, and for sticking to the backseat in the events that followed the demonetisation drive. Mr Urjit Patel has also received criticism for his absence in the briefings addressed to the nation that involved major issues like cash limits and such other.