New Delhi: Allaying fears of currency shortage in the country, Finance Minister Arun Jaitley on Tuesday said the government has reviewed the situation and “there is more than adequate currency in circulation”. “Have reviewed the currency situation in the country. Overall there is more than adequate currency in circulation and[Read More…]
Tag: ATM
Indian ATMs use obsolete techniques, lacks key security features leading to fraud
Three of five ATMs in India use obsolete machinery and lack basic security features, making them a key targets for fake currency, as per the banking experts. The ATM’s cash loaders doesn’t have the “one-time combination” (OTC) technique, a technology that is quite common in advanced nations to run most[Read More…]
Fake notes at ATM: Van handler held
Rs 21 lakhs robbed from an ATM in Karnataka
Three anonymous individuals stole Rs 21 lakh in cash from an ATM on the outskirts of Tumakuru town in southern Karnataka, said police on Tuesday. The ATM of the state-run Karnataka Bank Ltd is located at Gubbi on the ring road, connecting the town to the state highway, about 80[Read More…]
Much reprieve! RBI raises ATM withdrawal limit to Rs. 10,000 per day
In a major relief to the citizens, the Reserve Bank of India on Monday increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now. The weekly withdrawal limit for current accounts had been increased from Rs. 50,000 to Rs. 1[Read More…]
RBI increases cash withdrawal limit to Rs 4500 from Jan 1
The central bank of India RBI has decided to escalate the cash withdrawal cap from ATMs to Rs 4,500 per day from the present Rs 2,500 from January 1. However, there is no alteration in the weekly withdrawal limits that stays at Rs 24,000. “On a review of the position,[Read More…]
Restrictions on cash withdrawals won’t be lifted soon: SBI Chairman
State Bank of India chairman Arundhati Bhattacharya on Thursday warned that given the ongoing cash crunch, it’s unlikely that restrictions on cash withdrawals from banks and ATMs will be lifted immediately. The Hindu reported Bhattarcharya as saying, “We have to see… if there is cash I will give it, if[Read More…]
Finance Ministry confident that situation will normalise in 2-3 weeks
The Finance Ministry sounded confident on Thursday over the supply of new currency notes, claiming that the situation will considerably improve in the next 2-3 weeks. It also asked the RBI and banks to ‘countercheck’ the data regarding deposit of now-defunct currency notes to ensure there is no double counting.[Read More…]
Now swipe your SBI, PNB debit cards in some Ola cabs for cash
Cash can now be withdrawn by swiping debit cards at select Ola cabs as India’s largest ride-hailing service partners with lenders like State Bank of India (SBI) and Punjab National Bank to ease cash crunch. With banks and ATMs not being able to cope with the rush for access to[Read More…]
Demonetisation chaos: Recalibration of ATMs to take 10 more days in WB
Recalibration of all ATMs across West Bengal would take another 10 days and so far only 30 per cent of these have been modified for new currency notes, the state government was on Wednesday informed by RBI and other bank officials. After a review meeting with RBI and senior bank[Read More…]
Child dies as father waits at bank; no cash for fee, teen hangs self in UP
In a tragic incident, a three-year-old girl died in a bank in Uttar Pradesh on Monday as her labourer father waited in a line to withdraw money for her treatment while a college student allegedly hanged himself after returning empty-handed the fourth time, police said. The government’s surprise decision to[Read More…]
Hardship because of demonetisation may continue for a month: Rajnath Singh
Union Home Minister Rajnath Singh on Wednesday said the hardship arising out of demonetisation may continue for around a month. He described the move as the first step towards achieving economic and social freedom. Speaking at a rally in Haryana, Singh asked the people to bear with the difficulties for[Read More…]
Demonetisation: Death toll rises to 33, hospital casualties tops list
A week has passed since Prime Minister Narendra Modi decided to ban old ₹500 and ₹1,000 notes, the death toll has reached 33. Citizens across the country have been inconvenienced since the announcement. Punjab Four days before his daughter’s wedding, Sukhdev Singh died of heart attack in Tarn Taran, Punjab.[Read More…]
Demonetisation takes toll on cash-strapped people
Following its demonetisation decision on Nov 8, government claims that the inconvenience is temporary but harsh reality is that the decision has taken toll on people. Ironically, Prime Minister Modi also claimed that his demonetisation decision was somewhat ‘kadak’ (strong) linking it to his ‘chaiwallah’ background. “When I was young,[Read More…]
Banks to use indelible ink to prevent multiple cash withdrawals
In a surprising move, the Finance Ministry on Tuesday announced that it will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters. Economic Affairs Secretary Shaktikanda Das said that banks would start using indelible ink to[Read More…]
No respite from long queues at banks, ATMs as cash crunch continues
Serpentine queues were visible since Tuesday morning outisde ATMs to withdraw valid currency notes from vending machines and exchange demonetised bills. While banks remained closed on Monday on account of Guru Nanak Jayanti in many parts of the country, cash-starved customers again were disappointed on Tuesday with most of the[Read More…]
My decision is Karak (strong): PM
Lashing out at Congress and other parties for criticizing government’s decision to demonetise Rs ₹ 500 and ₹ 1000 notes, PM Modi said his decision is a little “karak” (strong). He was drawing an analogy with his early days as a tea vendor. Prime Minister said “My decision is a[Read More…]
Teary-eyed PM Modi says wait till Dec 30, punish me if problems later
Prime Minister Narendra Modi on Sunday said that his government will carry on with the fight against black money, targetting those who held benami properties in the country. He was speaking about the demonetisation of high-denomination bank notes at a function organised by the Goa government. He added that he[Read More…]
Don’t be anxious, enough cash available: Reserve Bank of India
Assuring the citizens, the Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money. “The Reserve Bank assures members of the public that enough cash in small denominations is also available at[Read More…]
From buying milk to biscuits, this village goes ‘digital’ amid notes chaos
When the whole nation is witnessing serpentine queues outside bank ATMs to exchange defunct currency notes, Manilal Prajapati, 45, is without a care in the world, as reported in the Hindustan Times. A cable operator in the village of Akodara, some 90kms from Ahmedabad, Prajapati on Friday bought wheat flour[Read More…]
Rahul Gandhi stands in queue to exchange cash, takes a swipe at PM
Congress vice president Rahul Gandhi on Friday joined the queue of commoners at an ATM in central Delhi. Lakhs across India spent long hours at banks and ATMs on Friday trying to withdraw cash after Prime Minister Narendra Modi suddenly declared ₹500 and ₹1,000 notes “worthless pieces of paper”. Gandhi,[Read More…]
Tragic! Senior citizen dies while waiting in line to exchange currency notes
In a tragic incident, a 73-year-old man, who was standing in a queue to exchange his old currency notes, collapsed and died in suburban Mulund on Friday afternoon, police said. Vishwanath Vartak, a senior citizen, was standing in a queue outside a branch of the State Bank of India in[Read More…]
New ₹500, ₹2000 currency notes in ATMs from November 11: Government
The new Rs 500 and Rs 2,000 currency notes will be available at bank ATMs when they start operating again from Friday, Finance Secretary Ashok Lavasa said on Wednesday. “There are going to be some difficulties which they (people) will face but for their convenience, a number of steps have[Read More…]
Mayhem: ATMs out of cash; train counters refuse to accept ₹500 notes
ATMs in most part of Tamil Nadu dried out on Tuesday night and fights broke out at tollgates and petrol pumps. Travellers suffered as their notes were turned down in railway counters and hotels. People who are travelling from Coimbatore to Jollerpatai have to pay ₹115 for their tickets but[Read More…]