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Restrictions on cash withdrawals in India to continue

Restrictions on cash withdrawals from banks and automated teller machines are likely to continue beyond December 30 as printing presses and RBI has been unable to keep pace with the demand for new banknotes. bank.

As the 50-day deadline for the completion of the process of demonetization approaches, there is a growing consensus amongst bankers that withdrawal restrictions should continue even in the new year to keep banks running smoothly.

Banks in many places are not able to even disburse the current limit of Rs 24,000 per week due to the liquidity crisis and are rationing valid currencies depending on the availability of cash.

If this limit is removed for the individual and business on January 2, it is unlikely that banks can pay increased demand for currencies valid given the current cash situation.

"Most of us think that the withdrawal limit would not be completely withdrawn. There is a possibility that could be eased if the liquidity situation improves, "said a senior public sector bank. At a time when banks are struggling to meet the demand of individual customers, it would be impossible for SMEs to Services and large enterprises requiring money in large quantities, the responsible, practical way would be to relax gradually.

 
 

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