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More steps to ease cash flow
Prime Minister Narendra Modi, after a review of the situation arising out of demonetisation in the country on Monday, reached out to the rural India by ordering an increase in the cash holding limit of Banking Correspondents (BCs) to Rs 50,000 each.
New Delhi: Prime Minister Narendra Modi, after a review of the situation arising out of demonetisation in the country on Monday, reached out to the rural India by ordering an increase in the cash holding limit of Banking Correspondents (BCs) to Rs 50,000 each.
Banks would also allow higher limits in appropriate cases. Moreover, the BCs' could replenish the same multiple times over to meet the needs of the rural population.
Another major course correction in the process is to enhance the supply of cash to Branch Post Offices (BPOs) to facilitate cash withdrawals from postal accounts.
According to a government release, there are 1.2 lakh BCs and 1.3 lakh BPOs in the country amounting to 2.5 lakh cash points in rural areas that could disburse cash and facilitate cash withdrawals from bank accounts.
Highlights:
- Pensioners can submit life certificates till Jan 15
- Banking correspondents could hold Rs 50,000
Among other decisions are: To Expedite the process of recalibration of ATMs, a Task Force to be set up under Deputy Governor, RBI consisting of representatives of Banks and Finance Ministry.
This Task Force will draw up action plan and ensure implementation of this action plan for quick recalibration of the ATMs to enable them to dispense new Bank notes of Rs 500 and Rs 2,000.
In the meantime, Micro ATMs are to be deployed to dispense cash against Debit/Credit cards up to the cash limits applicable for ATMs. The handheld Micro ATMs have the facility of mobility and deployment at the required places.
It further adds that business entities having Current Accounts which are operational for last three months or more will be allowed to draw Rs.50,000 per week.
This can be done in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments.
Adequate cash will be made available with District Central Cooperative Banks (DCCBs) to facilitate withdrawal from existing accounts. The cash withdrawal limits for Banks will apply in case of DCCBs also.
The press release says all Central Government Departments and Public Sector Enterprises are being instructed to use the method of e-payments to the maximum extent possible and that the RBI has advised National Payments Corporation of India (NPCI) to waive its transaction charges on transactions settled through National Financial Switch (NFS) till December 31, 2016.
Banks are also being advised to waive similar charges currently levied by them. Banks have been advised to arrange separate queues in their branches for senior citizens and divyang persons; customers for transactions against accounts held with the Bank; and exchange of notes.
There will, therefore be, three or more separate queues in every branch. Pensioners are required to submit Annual Life Certificate during the month of November.
This time limit has been extended up to January 15, 2017.
