In a decision that will bring big cheer to the common man, the RBI (Reserve Bank Of India) has hiked the daily ATM withdrawal limit to Rs 4,500 per card. This would come as a huge relief to people who stand in queues for a long time and still manage to get only Rs 2,500.
In its latest notification, the RBI said, “The daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2500/- to Rs 4500/- per day per card. There is no change in weekly withdrawal limits.Such disbursals should predominantly be in the denomination of Rs 500.”
The current withdrawal limit per bank account per week has not been revised, a fact that is likely to disappoint people.
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The Narendra Modi government’s move to demonetise old Rs 500 and Rs 1000 notes has largely been supported by the common man, though most agree that the implementation could have been better planned and executed. Long queues at banks and ATMs were a common sight in the first few days since the historic decision was announced by PM Modi on November 8. The situation has admittedly improved since then, but with increase in the daily limits, the government and banking system must work to ensure that ATMs have enough cash. But even as the central bank has eased the ATM withdrawal limit, the government is leaving no stone unturned to promote cashless transactions.
PM Narendra Modi launched the BHIM app (Bharat Interface for Payment) on the 50th day since demonetisation. The UPI-based app has been launched for Android phones for now, but will soon be available for iOS as well.
The Aadhaar-based payments app has been developed by the National Payment Corporation of India (NPCI). The ‘Made in India’ app is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts.
After downloading the BHIM app from the Play store, the user has to register his/her bank account and set up a UPI Pin for it. The user’s mobile number will become the payment address. Once registered, you can start transacting using the BHIM app.
The user can send or receive money from friends, family and customers through a mobile number (payment address). The money can also be sent to non-UPI supported banks. This can be done using MMID and IFSC. The user can also collect money by sending a request and reverse payments if required.