New Delhi, Jan 17: RBI on Monday hiked daily ATM limit to Rs 10,000 from Rs 4500 and it certainly is a welcome step for cash-ridden demonetised economy of India.
However amid the prevailing cash withdrawal restrictions in place, how the new relaxation would help the government’s digital move is questionable.
More than 50 % of ATMs in the capital are still dry and this speaks volumes about cash situation in the country.
Read More: RBI hikes ATM withdrawal limit to Rs 10000
“Most of the money vending machines still remain dry” reported IANS. Though the ATM queues are shorter as compared to initial days of demonetisation reported the agency.
Even after 70 days of noteban there is no word either from RBI or government on cash normalcy in the country. The hard fact remains cash scarcity is very much alive even today. As ATMs are dry and weekly cash withdrawal restrictions are functional too, people ought to line up to withdraw cash as much possible.
One can not withdraw more than Rs 24000 in a week. The restriction would certainly drive people to save for future as they have no assurance as when would the restriction go.
Next trouble for easing cash flow is the shortage of smaller Currency. Until ATMs start to dispell Rs 500 or Rs 100 currency notes situation would not improve. With all Rs 2000 notes in your pocket, you practically can not use cash for daily usage.