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Restrictions on cash withdrawal may continue after Dec 30

New Delhi: Restrictions on withdrawal of cash from banks and ATMs are likely to continue beyond December 30 as currency printing presses and RBI have not been able to keep pace with the demand of new currency notes. As the 50-day deadline for completion of demonetization process draws near, the bankers are now of the opinion that the restrictions on withdrawal will have to continue even in the new year so as to maintain orderly working at the banks.

Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on availability. If this limit is withdrawn for individual and businesses from January 2, it is unlikely that banks will be able to disburse the higher demand for valid currencies given the current cash position.

As per sources, at a time when banks are struggling to meet the demand of individual customers, it would be impossible to service MSME and big corporates which requires cash in large quantity.

However, the government and the RBI has not specified when the restrictions will be withdrawn. All India Bank Officer’s Confederation (AIBOC) General Secretary Harvinder Singh has said the restriction on withdrawal will continue for some more time in the best interest of banks as well as customers at large.

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