1. Cash withdrawal for marriages remains a non-starter

Cash withdrawal for marriages remains a non-starter

Stiff guidelines set by the RBI for withdrawal of Rs 2.5 lakh for a marriage have made it difficult for banks to disburse the amount, making the government's move to ease cash crunch for wedding families a non-starter.

By: | Kendrapara | Published: November 24, 2016 5:06 PM
money-reu Like Pramanik, there are many for whom the department of economic affairs announcement that Rs 2.5 lakh cash per wedding could be withdrawn has been meaningless. (Source: Reuters)

Stiff guidelines set by the RBI for withdrawal of Rs 2.5 lakh for a marriage have made it difficult for banks to disburse the amount, making the government’s move to ease cash crunch for wedding families a non-starter.Though bankers received procedural circular in this regard on Tuesday, withdrawal for wedding purpose is yet to make headway, a bank official said.

“It’s a test of patience for me. My bankers are offering lame excuses. The procedures that the bank laid before me is too complicated. I may have to postpone the marriage. The groom’s family is also facing the same predicament,” lamented a customer, Phakir Charan Pramanik.

The bankers quoting RBI circular said the application should be in a prescribed format and accompanied by documents on “evidence of the wedding, including the invitation cards, copies of receipts for advance payments already made, such as marriage hall booking, advance payments to caterers.”

Like Pramanik, there are many for whom the department of economic affairs announcement that Rs 2.5 lakh cash per wedding could be withdrawn has been meaningless.

“The government announced the withdrawal relaxation limit for wedding functions. I have been to the bank every day since the relaxation declaration. However, each time, I have been turned way by the bankers by stating that they are yet to receive the official communication and guidelines in this regard. Today I went to the bank again. I do not know whether I will be allowed Rs 2.5 lakh withdrawal from my account. Time is running out for me. I have fixed my son’s marriage on 26 November,” said a local resident.

Everyday, we are forced to say no to such account holders, a bank official said.

The manager, Oriental bank of commerce, Kendrapara, Partha Majumdar said, “Unless the cash crisis situation improves, bank would come to a standstill if such huge withdrawal is allowed. We are receiving about Rs 10 lakh daily and it gets exhausted in three hours. Customers are also returning home unable to withdraw money”.

Following the announcement, the bankers are encountering persistent queries from anxious account holders with upcoming marriages in their families.

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