Cash woes may ease in Noida, Ghaziabad as banks to get currency worth Rs 280 crore today | noida | Hindustan Times
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Cash woes may ease in Noida, Ghaziabad as banks to get currency worth Rs 280 crore today

NOTE BAN: Higher cash withdrawal limit and promise of well-stocked ATMs give hope to people in Noida and Ghaziabad

noida Updated: Jan 03, 2017 11:18 IST
Peeyush Khandelwal
The RBI raised the daily ATM cash withdrawal limit from Rs 2500 to Rs 4500 a day for an individual from January 1.
The RBI raised the daily ATM cash withdrawal limit from Rs 2500 to Rs 4500 a day for an individual from January 1.(Sanchit Kumar/HT Photo)

It is the beginning of the month and residents of Noida and Ghaziabad are yet again heading to banks and ATMs for cash withdrawal. The bank officials said that about Rs 140 crore arrived on Sunday and an additional Rs 280-290 crore would be received on Tuesday to fill more than 90% of ATMs here.

The queues at the ATMs have begun to shrink after the arrival of new currency notes from Reserve Bank of India (RBI), Kanpur branch. The lead bank officials said that Rs 140 crore was received on Sunday. A major portion of this was also sent to neighbouring Hapur and Bulandshahr districts.

“Out of this, nearly Rs 40 crore each was sent for Ghaziabad and Gautam Budh Nagar. Two major banks will get cash on Tuesday. There were some banks which asked for cash supply from the RBI, Delhi, but they were denied. Now, these banks will have to tie up with Ghaziabad or Gautam Budh Nagar banks which have currency chests for supplies,” said AK Singh, lead bank manager, Gautam Budh Nagar.

Recently, the banks had sent a request of procuring nearly Rs 680 crore cash from RBI, Kanpur. The officials are expecting to receive at least 60% of this amount.

Read more: Noida, Ghaziabad banks ask for Rs 680 crore

“Once the cash starts arriving on Tuesday, more than 90% of ATMs will be filled up and customers can withdraw without any rush. There will be enough cash at ATMs to last a week,” Singh added.

In Noida’s biggest commercial market at Sector 18, hardly any queues were witnessed outside banks and ATMs recently. Gautam Budh Nagar has 467 bank branches and 640 ATMs. The ATMs were dispensing cash and had 10 to 15 people in queues. Similarly in Ghaziabad, the withdrawal scenario from ATMs has also eased.

“Some ATMs still do not have cash but one can go to other ATMs which have Rs 2,000 as well as Rs 500 notes. The queues have shortened and people are not just banking on cash, they are also using other cashless modes for payment. The start of previous month was painful as there were long queues and not enough cash in banks and in ATMs,” said Nishant Sinha, a Kavi Nagar resident.

Similarly, the queues outside the bank branches have also reduced and there were less number of customer complaints about banks not having enough cash.

“The raising of daily withdrawal limit from ATMs has also eased up issues with customers. Earlier, the customers had to queue up every day to withdraw cash. Now, they can wait for a day or two to get another round of cash,” said Sanjeev Sethi, Indirapuram resident.

The RBI on Friday raised the daily ATM cash withdrawal limit from Rs 2,500 to Rs 4,500 a day for an individual from January 1. However, there was no change announced for the weekly withdrawal limit of Rs 24,000 in banks for individuals and Rs 50,000 for small traders.