Government likely to increase ATM withdrawal limit?
- The Centre had recently reduced the withdrawal limit from ₹4,500 to ₹2000
- Long queues in front of ATMs not subsiding
- Most ATMs have the board ‘No cash’ tagged
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Prime Minister Narendra Modi has been repeatedly stating that ₹5 lakh crore has been deposited at ATMs in the past few days will be used to loan people in need. The interest rates will be cut, he says.
But when people are queuing up to withdraw their hard earned money, people are unlikely to go for loans as of now. So instead of far-reaching promises, the Modi government should increase the withdrawal limit, to ease problems of the people facing day in and day out after the announcement of demonetisation.
The money in banks will not lie idle, said PM at an election rally in Agra. If there was enough money in banks and ATMs why is the limit on withdrawal not being increased, ask people.
Meanwhile, speaking to the Economic Times, Arundhati Bhattacharya, chairman of State Bank of India, said that soon interest rates on loans will come down drastically.
But none of the authorities have any answer for people facing trouble in getting their money for basic purchases including food and travel.
