Viewing several problems facing by the masses, especially who have a wedding in their houses, the RBI Soon to issue operational guidelines through which banks will allow to withdraw Rs 2.5 lakh, reported officials.
Punjab National Bank managing director Usha Ananthasubramanian was quoted as saying, “In absence of operational guidelines from RBI, we are unable to give Rs 2.5 lakh for marriage purpose to each of the family (of bride and groom). We are awaiting direction from RBI.”
Banks may start distributing of Rs 2.5 lack for marriages
“We expect the norms by Monday and hopefully by Tuesday, branches should start distributing for marriage. We believe that the amount can be drawn only by either parents or the person getting married. And, one of them will be allowed to withdraw this amount. The limit of Rs 2.5lakh will apply individually to the girl’s and boy’s family,” she said. In the same way, other banks are also not offering this facility because they haven’t got directions from the RBI.
According to a senior Corporation Bank official, “Withdrawal for marriage purpose can be availed only after RBI’s notification which will have clear direction about the various formalities needed to be provided by the customers for withdrawal.”
Earlier this week, the government had said it has been decided to allow those families who have marriages in their house drawn up to Rs 2.5 lakh in cash from their own bank accounts to buy goods for wedding purposes through cheques.
Following the announcement, families where marriage ceremonies are due had started making queues at the banks but only to return empty handed because bank official asked to go back saying they haven’t got such directions from head office or RBI in this regard.
PNB is recalibrating its cash vending machines to ease the cash crunch
Ananthasubramanian told that PNB has been recalibrated 2000 out of 9000 cash vending machines and now they are dispensing the cash inflow. She further added that by the next week, more ATMs would be recalibrated that will further ease the cash crunch.
While asking if the surge in low-cost deposits by banks would translate into lower interest rate, she said the bank is reviewing the situation and most likely there would be cut in fixed deposit rate as early as today. Since on November 28 when PM Modi had announced the abolishment of the denomination of Rs 500 and Rs 1000 notes, the banks has got deposits of 47000 crores.