It is a great news that the daily withdrawal limit from ATM has been increased to Rs.10000 from the earlier Rs.4500 limit. It is a good sign that there is vast improvement in note flow and RBI has taken drastic measures to bring about the change after demonetisation in good time. However, many ATMs are not functioning due to calibration problem and thereby reducing the chances of withdrawal of money through the Automated Teller Machines. Thus the withdrawal limit is increased to more than double but RBI has retained the weekly ceiling at Rs 24,000 with the supply of more five hundred notes. Now, it is time to make the ATMs work 24X7 time so that people’s problem will be partially solved and banks will have more time to attend their customers and broaden their business base rather than concentrating on cash all the time. Anyway, after demonetisation there has been a surge in bank deposits. Thus notes ban has served the purpose of the Government to reach the poor in the best way possible.
Jayanthy S. Maniam
(The views expressed by the author in the article are his/her own.)