The cash withdrawal limit from ATM is likely to extend beyond December 30 as Reserve Bank of India (RBI) is not able print and meet the demand of new currency notes in the market.
Reports suggest that RBI is not able to match up the pace with the requirements of the new currency notes. As a result of this banks at many places are not able to meet the current weekly limit of disbursing the cash, limit being Rs 24,000 per week.
Post demonetisation, the government had fixed a limit on cash withdrawal from ATMs and that is Rs 24,000 per week and Rs 2,500 per day.
Earlier this month on December 15 the announcement of printing more of Rs 500 notes in order to alleviate the ongoing cash crunch was made. It came amid complaints that not enough new currency notes are being injected into circulation.
Shaktikanta Das, Secretary at India’s Department of Economic Affairs (DEA), also said that the new currency notes couldn’t be ‘counterfeited’.