Banks shut today, ATMs open, withdraw Rs 2500 a day: Top developments

The weekly limit of Rs 20,000 for withdrawal from bank accounts has been increased to Rs 24,000. The limit of Rs 10,000 per day has been removed

Amid unending queues of cash-starved citizens at banks and relentless attacks by the opposition, the government on Sunday announced an increase in withdrawal limits at banks and ATMs. The Centre also urged the states to "facilitate the opening of new bank accounts" and last-mile distribution of small denomination notes as it announced that the new Rs 500 note had been issued.

Here is everything you might have missed over the weekend:

Daily withdrawal amount raised: The daily withdrawal from ATMs has now been hiked to Rs 2,500 from Rs 2,000 and from bank counters to Rs 4,500 from Rs 4,000.  The limit of Rs 10,000 per day withdrawal has been removed.

The upper limit for weekly withdrawals from bank accounts has been raised to Rs 24,000 from Rs 20,000.

Banks have handled 18 crore transactions
In the first four days ( from November 10th to 13th , upto 5 pm ) about Rs 3.0 lacs crores of old Rs.500/- and Rs.1000/- bank notes have been deposited in the banking system and about Rs.50,000 crores has been dispensed to customers by either withdrawal from their accounts or withdrawal from ATM’s or by exchange at the counter. Within these four days, the banking system has handled about 18 crore transactions

Banks shut on Monday but ATMs open On Monday, banks will be closed in several states on account of Guru Nanak Jayanti.

But banks in 8 states open for transactions today: According to a report in Times of India, banches in eight states - Gujarat, Madhya Pradesh, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Bihar, and Haryana - will be open for transactions on Monday.

New Rs 500 notes are here: After demonetising old Rs 500 and RS 1,000 currency notes, the government had first introduced only Rs 2,000 notes. However,  ATMs are not able  to dispense it, since they  will have to be re-calibrated to  do so. This might take up to three weeks.

Similarly, ATMs will have to be re-calibrated for a new  series of  Rs 500 notes as well. The government also plans to soon reintroduce the Rs 1,000 note back in the market, but with far more evolved security features.

Old notes valid for ten more days:  Old Rs. 500 and Rs. 1,000 notes  will continue to be accepted at government hospitals, petrol stations and toll booths till November 24.

Seperate queues for old, differently-abled: Banks were also told to make arrangements for separate queues for senior citizens and differently-abled people. Separate queues will also be arranged for converting old notes to cash over the counter and transactions against bank accounts. The last date for submission of the annual life certificate for government pensioners, which is to be submitted in November every year, has also been extended to January 15, 2017. 

Modi seeks 50 days to overcome crisis: Addressing a public rally in Goa, Modi made an impassioned plea to citizens to give him until December 30 to weed out the ill-gotten wealth in India. "They will not leave me alive. They will destroy me. Let them do what they want. (For) 50 days, help me. The country should just help me for 50 days."This is not the end. I am openly saying, this is not a full stop... There are other projects in my mind to stop dishonesty and corruption."

Bank employees demand more terminals and manpower to handle crowds: All India Bank Employees Association (AIBEA) today asked the IBA to provide additional infrastructure like more terminals to be provided to branches handling heavy cash to detect fake notes as this problem is aggravated in the current process.mThe Association in a letter to IBA said that the RBI/Government should be approached to allow all Government departments, agencies and institutions to exchange the banned Rs 500 and Rs 1000 notes in addition to banks and post offices. RBI should also immediately ensure adequate supply of cash in denominations of Rs 100 and new 500 Notes, ATMs should be re-calibrated on a top priority basis and made ready for use within the shortest possible time.The Union also want extra business hours can be implemented where required but the staff should be deployed on shift basis and not the same person for continuous long hours, where employees/officers are required to work in later hours, arrangements for conveyance, food, etc. should be made and uniform instructions are to be sent by IBA to all Banks on payment of Overtime wages/compensation amount.

Modi's midnight meeting: Prime Minister Narendra Modi held a meeting with senior ministers in the early hours of Monday to review demonetisation and its impact.The meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of two higher value currency notes by Modi.

Clashes, stone pelting and anger: In Muzaffarnagar in western Uttar Pradesh, angry people clashed with bank employees and threw stones at the branch at Sujru village, leaving three people injured. Over a hundred people have been booked for the incident.In metro cities, police mobile vans were pressed in to monitor any possibility of unruly crowds outside ATM kiosks and bank branches. As these are replenished only once a day, ATMs were running out of cash in two-three hours as people, worried about the paucity of cash, were withdrawing money from more than one account.

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