Money rush: ATMs will start dispersing Rs 2,000 notes from today

Banking correspondents will be now allowed to withdraw cash multiple times and can now hold up to Rs 50,000 cash

With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.

It has also  advised banks to  waive charges imposed  on various kind of e-transactions till  December 31.  Besides, the RBI has advised national  payment corporation of India to waive its  transaction charges on old transactions which are settled through financial  switch.

Here are the key highlights of what Shaktikanta Das, DEA said today

1. The focus of the government is to activate all channels whereby cash is dispensed to the public.

2.Banking correspondent will be now allowed to withdraw cash multiple times as opposed to only once a day earlier

3. Re-calibrating of ATMs started. Today or tomorrow, ATMs will dispense 2,000 currency notes

4.Cash supply would be enhanced to branch post offices so that they're able to give money to account holders

5.Micro ATMs will now dispense cash through debit and credit cards

6. 18 crore transactions done by banks so far 

7. The limit on withdrawal from ATMs has been extended from Rs 2000 to Rs 2500. ATMs will also be able to dispense Rs 2500 at a time

8. Old currency can also be used for purchases at consumer co-operative stores like Kendriya Bhandar with valid ID proof as also for paying court fee.

9.Govt depts, central public sector undertakings advised to carry out transactions through e-payment only

10. Banks will remain shut in some parts of the country on Monday on account of Guru Nanak Jayanti. ATMs are expected to remain operational

Das said micro  ATMs  will  be  deployed in large number  of areas to dispense cash against  credit  and debit cards.

There will be a separate queue for those going to banks  to exchange  old series of  notes with new ones  and  also one  for senior citizens  and disabled persons.