Demonetisation: Banks may allow cash withdrawal for marriage from next week

This being marriage season, people thronged the branches with all possible evidence for marriage and their identity proof to get much needed cash.

By: PTI | New Delhi | Published:November 19, 2016 5:03 pm
Demonetisation, Demonetisation effects, demonetisation banks, demonetisation marriages, demonetisation weddings, demonetisation wedding season, bank, bank withdrawal, bank withdrawal limits, wedding, withdrawal for wedding, wedding money, money for wedding, india news, indian express news By next week, more ATMs would be recalibrated that will further ease the cash crunch. (Reuters photo/File)

Banks may allow withdrawal of Rs2.5 lakh by the families with upcoming weddings from next week only afterm receiving operational guidelines from the RBI, even though the Centre announced the relaxation earlier this week. “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,” Punjab National Bank Managing Director Usha Ananthasubramanian said.

“We expect the norms by Monday and hopefully by Tuesday, branches should start disbursing for marriage. We understand that the amount can be drawn only by either parents or the person getting married. Only one of them will be permitted to draw this amount. The limit of Rs 2.5 lakh will apply separately to the girl’s and the boy’s family,” she said.

Similarly, other banks are also not offering this facility in absence of 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 furnished by the customers for withdrawal.”

Earlier this week, the government had said it has been decided to permit families celebrating weddings to draw up to Rs 2.5 lakh in cash from their own bank accounts while encouraging families to incur wedding expenses through cheques or digital means.

Following the announcement, families where marriage ceremonies are due started making beeline before the branches only to return empty handed as bank officials turned them away saying there is no direction from their head office or RBI in this regard.

This being marriage season, people thronged the branches with all possible evidence for marriage and their identity proof to get much needed cash.

With regard to PNB ATMs, Ananthasubramanian said, 2,000 out of 9,000 cash vending machines have been recalibrated and they are dispensing money.

By next week, more ATMs would be recalibrated that will further ease the cash crunch.

Asked if the surge in low-cost deposits by banks would translate into lower interest rate, she said, the bank is reviewing the situation and probably there would be cut in fixed deposit rate as early as today.

The bank has got deposits of 47,000 crore since the Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1,000 rupee notes.

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  1. D
    Dash
    Nov 19, 2016 at 2:38 pm
    A good beginning has been made. Let these corrupt selfish Khujlis,Bombtas,dynast Pappu Udhavs scream. More action will follow. A clean economy is needed for a better India. Jihadis,naxals,hawala dealers,drug peddlers,of course other antinationals like many politcians,terror smpathizers have bee severely hit. This is a defining moment for the nation
    Reply
    1. P
      Parth S.
      Nov 29, 2016 at 10:40 am
      Lots of local caterers, or hall booking man, or etc. neither keep receipt book nor they use to give receipt, while they just deal in cash payment, either it's full or in advance. So in that case what will do the families who are proposing marriage of their children?
      Reply
      1. S
        SMK
        Nov 20, 2016 at 7:31 pm
        For namesake pls dont do selective reporting...
        Reply
        1. V
          Vihari Naidu
          Nov 19, 2016 at 4:44 pm
          Apply for ATM card. It will take 1 month to issue the cards if you are lucky enough to find a bank that is working properly and not money exchange. Till then postpone your marriage or even better, join Bjp.
          Reply
          1. R
            rahul
            Nov 19, 2016 at 5:34 pm
            In this date and time, if you needs cash in lakhs, and do not have an ATM card after the facility has been provided my banks for many years...then you have only yourself to blame!
            Reply
            1. R
              Ram
              Nov 19, 2016 at 2:31 pm
              Marriages involve big money and all big transactions can be made by cards and there is no need to handle huge cash.
              Reply
              1. Z
                zest
                Nov 19, 2016 at 8:54 pm
                And this clause inserted on 17th Nov is now withdrawn . Daily rule changing creating chaos . Heads should roll for this level of sheer incompetence and mismanagement .
                Reply
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