Debit Card Waiver to recalibration of 82,000 ATMs


Debit Card Waiver to recalibration of 82,000 ATMs

RBI has doubled up the balance that can be kept in their prepaid cards and wallets to Rs 20,000 to help small merchants get electronically paid. 

Government has put effort to ease cash crunch in economy. From waiving off service charge towards debit card transactions has started increasing their limits on electronic wallets, government has announced that many measures to deal with 

the liquidity crunch.

Here are some of the measures announced:

“Public sector banks and some private banks and even some service providers provide switching services who have agreed to waive up the service charges on use of debit cards up to December 31, 2016.

Government has stated that about more than 82 thousand ATMs have re-calibrated to dispense the new currency notes of Rs. 2000 and Rs. 500. ATM machines account about 40 per cent of cash vending machines in country.

RBI has doubled up the balance that can be kept in cards and prepaid wallets to Rs 20,000 inorder to help small merchants get paid electronically. Merchants can transfer the amount up to Rs. 50,000 per month from so called semi-closed prepaid payment instruments to their bank accounts.

Railways have announced up the waiving off service charge on tickets to be booked online till 31st December 2016. About 58% of railway tickets are booked online.

Government has stated that automobile manufactures to provide digital identity tag in many new vehicles such as cars to enable up the electronic payment at toll plazas to ensure seamless at check posts. 

From November 24 customers can withdraw cash up to Rs 2000 at Big Bazaar stores. SBI has helped up Big Bazaar to activate this facility through bank’s cash at POS.