SBI Chairman says cash withdrawal limit to continue even after Dec 30

SBI Chairman says cash withdrawal limit to continue even after Dec 30

State Bank of India (SBI) chief Arundhati Bhattacharya said the restrictions on cash withdrawal from banks and ATMs are likely to continue for some more time until the banks get more cash.

According to finance ministry announcement, the window for depositing the scrapped note of Rs 500 and Rs 1000 ends on December 30. Bhattacharya said she expects the restrictions to continue for some more time even after this month.

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“We have to see… if there is cash I will give it, if there is no cash, whether restriction or no restriction, I cannot give it. We can only give what is available with me,” the SBI head was quoted by The Hindu as saying.

She also added that the restrictions will be decreased over a period of time when asked if the restrictions will be withdrawn any time soon. “Nobody wants everyone rushing to the banks thinking there are no restrictions so let me get back everything,” the SBI chief said.

“So I think the restrictions will go down slowly. It is not something that will happen just tomorrow,” she added.

Meanwhile, Union Finance Minister Arun Jaitley the Reserve Bank has enough cash to last beyond December 30.

“The Reserve Bank of India (RBI) has enough new Rs 500 and Rs 2,000 notes to last even beyond December 30,” Jaitley said on Tuesday.