Banks have money but customers cap drawals

The acute scarcity of money post demonetisation year has eased somewhat with banks now able to disburse `24,000 per week to customers towards withdrawals.

Andhra Pradesh and Telangana Bank Employees’ Federation secretary M.S. Kumar, said all banks are able to issue `24,000, the cap on withdrawals that still exists. “The rush in banks has come down and the functioning of banks has reached normalcy. If the RBI continues the cap for another two or three months, things will set right,” he said.

He said almost all ATMs have been recalibrated and a few even have cash round the clock. “The rush at ATMs has come down compared with last week. After Christmas, nodal branches of all banks began filling ATMs with cash. Now there is sufficient cash reaching ATMs,” he said.

Secretary of the All India Bank Employees' Association (AIBEA) B. Sita Rambabu said cash deposits had increased and money was slowly returning into circulation. He said that sufficient supply of `500 notes has controlled the crisis.

He said most customers were withdrawing `10,000 to to 12,000. He said this was because a majority of the customers have adopted cashless transactions.

BANKS have the cash to pay customers their `24,000 weekly withdrawal limit

MANY customers were withdrawing less cash, perhaps as they have taken to digital transactions.