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RBI lifts cash withdrawal limit

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BENGALURU: A complete restriction on the cash withdrawal limit was lifted on March 13, 2017. Here are the opinions of what some of the bank employees had to say.

N.N.Raju, an employee of Reserve Bank of India (RBI) said to The Beacon, “When initially demonetization was announced RBI’s hope was that the cash crunch would ease by at least January end and that by the month of March it would return to normalcy. There was a cap for withdrawal of notes for technical and financial problems/issues, and now it is sort of solved as the withdrawal limit has been lifted.”

An official from Syndicate Bank said that cash flow has reduced from 40% to 50% since demonetization. “Our branch customers faced only little of the demonetization effect as we managed to arrange money for the customers on time. But, at the same time, we also followed the RBI rules,” she added

Sadananda, Assistant General Manager Andhra Bank said to The Beacon “Current and savings account average was about 25-28%. The effect of demonetization, made it go up to 42%. RBI doesn’t play a role when it comes to extra charges. Private sector banks have come up with the extra charge after a certain withdrawal limit”.

He also added that the State Bank of India is going to bring this into effect from April.“With regard to the public sector, extra charges for not maintaining the minimun balance and crossing the withdrawal limit will be put into effect by SBI from April 1, 2017,” he concluded.


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