With the prevailing of protests over exhaust of money in various banks across the country, The Reserve Bank of Indian has taken another sudden decision to calm down the protests. The RBI has increased the limit for exchange and withdrawal of money from banks.
RBI attempts to relax the ATM withdrawal cap from 2000 to 2500. While the exchange limit has been raised from 4000 to 4500 for a day, the weekly limit has been increased from 20000 to 24000. The new limit will reportedly come into effect from Monday. Considering the troubles being faced by common people in long queues at ATMs and banks across the nation, the demonetization impact is visibly heavily across the country and the meager raise in limit couldn’t benefit the people to a larger extent.
While the long queues at banks, ATM and post offices are making the headlines, Prime Minister Narendra Modi has urged people to support him for next few days. The RBI has also capped the bank deposits at 2.5 lakh and deposit further, one need to furnish the specific income proofs. Also, Reserve Bank officials confirmed that issuance of new 500 notes has commenced today and banks were widely instructed to handle the long queues with setting up additional cash counters.