The Reserve Bank of India’s announcement to hike the cash withdrawal limit at ATMs from ₹4,500 per day to ₹10,000 has not brought much cheer to individuals and business houses in Chennai.
“We have got ‘a little relief’ through this move. But it has not solved the problem completely,” said Reshma Budhia a marketing consultant, based in Chennai.
Taxing process
She added, “My staff members have taken money in advance citing demonetisation, and I need to start withdrawing cash 10 days ahead of the next month to meet my expenses. The whole process is taxing.”
Prakash Arumugham, a trader, wanted to know how increasing the limit would make a difference to people when the shutters of ATMs of some banks had not been opened since November 8, when the demonetisation of ₹500 and ₹1,000 notes was announced.
According to T. Sadagopan, president, Tamil Nadu Progressive Consumer Centre, many ATMs at Avadi, Pattabiram and Thiruninravur were still not functioning.
“Indian Bank, Syndicate Bank, State Bank of India and Indian Overseas Bank ATMs are not functioning,” he added.
C.H. Venkatachalam, general secretary, All India Bank Employees Association, said the move by the RBI would put bank branches in more difficulty.
More cash needed
“At an ATM any cardholder can withdraw money, whereas banks would prefer providing cash to their own customers first. Without providing additional cash such a relaxation would create tension. More cash should be supplied to banks immediately.”
A bank manager who wished anonymity, said, “We are not able to give cash to our customers who walk in. How can we keep more money in ATMs? Our priority is to meet the expectations of our account holders first.”
