Amid the ongoing chaos and anger in public over scarcity of cash following government’s surprise move to demonetise 500, 1000-rupee notes, the State Bank of India (SBI) has come up with some good news for he Indian common man.
SBI chairperson Arundhati Bhattacharya on Monday announced that Rs 50 and Rs 20 notes too will be dispensed from ATMs soon.
“In coming days, when rush decreases we will start dispensing Rs 50 & 20 notes apart from Rs 100 in ATMs,” she said.
The announcement comes as a relief for citizens who have struggling with shortage of cash and limited denominations ever since the denomenisation was announced on November 8.
Bhattacharya added that ATMs are emptying out fast because it has a fixed space for notes of 100 and also the dimension of the new notes has changed, adding that the holding capacity in the ATM is confined.
Earlier on Monday, SBI announced that it had collected Rs 83,702 cror in cash deposits in last five days and exchanged Rs 4,146 crore of scrapped notes between November 10 and November 14 up to 5 pm.
Meanwhile, withdrawals from SBI branches stood at Rs 9,342 crore since November 10.
Moreover, its customers deposited Rs 4,654 crore worth of old Rs 500 and Rs 1,000 notes through cash depositing machines.
To handle the chaos and pressure situation, the finance ministry extended the use of debunked Rs 500 and Rs 1,000 notes at key public utilities till November 24.
It also increased the limit of cash withdrawal from ATMs from Rs 2,000 per day to Rs 2,500 per day, and the withdrawal limit from bank accounts from Rs 20,000 to Rs 24,000.
In a statement issued yesterday, Indian Banks Association (IBA) had said in the last three days, banks disbursed nearly Rs 30,000 crore in currency notes of lower denominations and the newly introduced Rs 2,000 notes.
Latest Business News
