India happy with RBI's announcement to increase ATM withdrawal limit

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The Reserve Bank of India
The Reserve Bank of India

New Delhi : India on Monday welcomed Reserve Bank of India's decision to increase ATM withdrawal limit from Rs 4,500 to Rs 10,000 and said it would ease the overall situation and will decrease long queues outside banks.

The Reserve Bank of India (RBI) earlier in the day hiked the daily ATM withdrawal limit from Rs 4,500 to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.

"Since the time demonetisation was announced, I have had to queue up many a time as the upper limit was just Rs 2,500 initially and later it was raised to Rs 4,500," a Mayur Vihar resident told IANS.

"Now, I can withdraw Rs 10,000 in one go. It's a great move as the financial situation will get much better," he added.

According to 35-year-old Sharad Chauhan from Noida, it wasn't a huge problem even with the limit being Rs 4,500, "but now the overall situation will improve".

"It wasn't all that problematic for me even earlier. The government has raised the upper limit to Rs 10,000 to ease it for those who were struggling and I am happy about it," he said.

The RBI has decided to enhance the limit with immediate effect, but banks across the city had not been able to implement it until late Monday evening.

"I tried withdrawing Rs 10,000 from my HDFC Bank account, but the ATM machine declined the transaction. So, I could withdraw Rs 4,000 only, as Rs 500 notes were not available," said Pragati Chopra, a resident of Maurice Nagar.

By and large, the condition was the same at many ATMs where people tried to withdraw more than Rs 4,000 but failed. However, most of them did not complain and said that they expect the settings to be changed post-midnight.

"We expect the move to be implemented post-midnight, as banks will have to change their settings," 30-year-old Krishna Jha said, adding: "This decision of increasing the limit has obviously been taken in favour of the public."

He further said: "We won't have to queue up again and again. Rs 10,000 is a sufficient amount. I feel it should remain this much only even in the future."