Indians can now heave a sigh of relief. They can withdraw more of their own money, parked in their own bank accounts.
The country’s federal bank has raised the withdrawal limit from ATMs to Rs 10,000 ($147) per day per card from the existing Rs 4,500 ($66) with immediate effect. However, their withdrawals will have to remain within the weekly cap of Rs 24,000 ($352), the RBI added.
After the Indian government’s ban on high-value currency notes, which sent the nation of 1.3 billion into collective misery, getting access to one’s own money in cash had become next to impossible with banks and ATMs running dry and government imposing limits.
But now as things stand, citizens can not only withdraw more per day, but the weekly withdrawal limit from current accounts have also been doubled.
Demonetization has not only claimed lives, with people succumbing to the pressures of queuing up for long hours outside banks, it has also depleted the country’s economic growth. The relaxed limits should hopefully provide some relief, provided ATMs and banks have enough cash.
Even two months after rendering invalid 86% of the country’s cash in circulation, the new Rs 2,000 ($30 approximately) currency bill isn’t readily accepted everywhere as smaller bills continue to remain in short supply.
So even if you can withdraw more money, chances are you won’t be able to use it easily.