‘Withdrawal limit is ₹24,000 a week, but banks refuse to disburse as much’

People also complained of dismal cash management by banks

Payday woes continued to hit banks as residents thronged their respective branches demanding money.

Thane residents standing in queues outside SBI Bank on Friday. (Pratik Chorge/HT)

Though the withdrawal limit is Rs24,000 a week, residents said banks were not disbursing as much. “We are first in the queue, the bank should give us the amount what we asked for. It is only giving Rs8,000-Rs10,000, fearing that the cash will run out,” said Sahil Khan, a Borivli resident and owner of a local eatery.

The Thane branch of SBI bank witnessed large crowds on Friday. (Pratik Chorge/HT )

People also complained of dismal cash management by banks.

“Where are the blue marks on people’s fingers? This means no banks are permitting people to withdraw up to the upper limit,” said Dhanish Pauv, a college student who waited in a long queue outside the Borivli SBI bank branch.

“Not everyone wants to withdraw Rs24,000 from the bank. They will be happy even with Rs5,000,” he added.

A Borivli-based bank official said bank staff had been working long hours for the past three weeks.

“If we have to keep the branch functional till the stipulated time, we have to take certain decisions on our own,” the official said. “People shout at us and leave. They think they are the only ones in need of money,” he added.

Read

Demonetisation: Long queues to deposit, withdraw cash continue

Demonetisation: Queues at banks start getting longer

Plastic money helps most tide over currency crisis in Mumbai