According to a senior Corporation Bank official, “Withdrawal for marriage purpose can be availed only after RBIs notification which will have clear direction about the various formalities needed to be furnished by the customers for withdrawal.With regard to PNB ATMs, Ananthasubramanian said, 2,000 out of 9,000 cash vending machines have been recalibrated and they are dispensing money. This gives an opportunity to revisit deposit rates.This being marriage season, people thronged the branches with all possible evidence for marriage and their identity proof to get much needed cash.In addition, the bank is also considering to use petrol pump which uses PNB POS machines for disbursement of cash. About 201 petrol pumps have employed the banks POS machines which should be disbursing cash in the next few days,” she said. We understand that the amount can be drawn only by either parents or the person getting married. The lowering of deposit rates will have impact on the lending rate going forward,” Ananthasubramanian said.Admitting shortage of cash, she said the bank is doing every bit to ease pressure but this is a massive exercise where initial inconvenience was expected. We are awaiting empty veggie capsules direction from RBI,” Punjab National Bank Managing Director Usha Ananthasubramanian said.The bank employees are working in two shifts so that hardship for customers gets minimised, she said, adding the bank has made additional arrangement by sending staff from administrative offices.With regard to usage of micro-ATMs, she said, the bank is going to put up 2,000 more such machines across the country.Currently, the bank has 8,000 micro-ATMs which is being used for exchange and withdrawal of notes.New Delhi: Banks may allow withdrawal of Rs 2.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. ”
It is work in progress.Asked about shortage of 500 denomination notes, she said currency position is getting stepped up by RBI and in the next few week situation should ease a bit.By next week, more ATMs would be recalibrated that will further ease the cash crunch.5 lakh in cash from their own bank accounts while encouraging families to incur wedding expenses through cheques or digital means.5 lakh by the families with upcoming weddings from next week only after 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.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.5 lakh for marriage purpose to each of the family (of bride and groom).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.Similarly, other banks are also not offering this facility in absence of directions from the RBI. The limit of Rs 2.”The Current Account and Savings Account (CASA) has surged. Only one of them will be permitted to draw this amount.
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