Government in fire-fighting mode to bolster ATM network, dispense cash in rural pockets: Shaktikanta Das
The Economic Affairs Secretary Shaktikanta Das, in a press briefing on Monday, listed out the list of emergency measures that government has taken on a fire-fighting mode to disburse cash to common public in every nook and corner of the country.
Zee Media Bureau
New Delhi: The Economic Affairs Secretary Shaktikanta Das, in a press briefing on Monday, listed out the list of emergency measures that government has taken on a fire-fighting mode to disburse cash to common public in every nook and corner of the country.
The Secretary said that government has increased focus on dispensing of cash in rural areas, as well as bolster the ATM network across the country.
He said that government is targeting at increasing availability of cash in rural pockets through its network of Banking Correspondents and Post Offices.
He said that bank will increase the cash holding limit of Banking Correspondents to Rs 50,000, which may be increased in appropriate cases. Each Banking Correspondent can replenish cash multiple times in 1 week, against the previous limit of once in 12 days. He said that government plans to leverage the vast network of 1.2 lakh Banking Correspondents and 1.35 lakh Post Offices across the country.
Regarding strengthening of the ATM network, Das said that RBI has formed a Task Force that will look into the expediting of recalibration of ATMs. With recalibration of ATMs, he expressed assurance that new Rs 2000 will be available in ATMs from Tuesday or Wednesday.
More micro ATMs will be set up to dispense cash on debit cards. He clarified that common public will be able to withdraw the increased limit of Rs 2500 per day from the earlier limit of Rs 2000 per day, only from the ATMs which have been recalibrated.
The government would also raise the cash withdrawal limit of at least three-month old current accounts to Rs 50,000 per week especially so that payments like wages of daily wages workers do not get curtailed.
Das added that National Payments Corporation of India has been asked to reduce the transaction charges, even banks will wave transaction charges on debit and credit cards for the time being.