Government today informed the Lok Sabha that banks are taking steps to upgrade software of ATMs and make them less vulnerable.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he told PTI in an interview.
The NCC experience offers a glimpse of India, its strength and its diversity, he said addressing the NCC rally here.
Addressing a rally of the National Cadet Corps (NCC), Modi also said the cadets can play a catalytic role in helping the citizens inculcate the habit of cleanliness.
According to sources, the government may cut or eliminate excise duty on manufacturing of micro ATMs, finger print readers, biometric cards and PIN cards.
General insurance companies are now offering cover for cash lost in transit from the ATM to home, chain snatching while on the road and also alternate accommodation for hotel stay in case of damage to home.
Mid-sized private sector lender Yes Bank today claimed to have launched the industry's first customisable savings account which will protect customers from "unwanted charges" levied in current offerings.
ATMs are now dispensing Rs 7,000 odd crores per day and Rs 10-12 lakh per machine. The cash supply may be returning to near normal levels, reports CNBC-TV18.
Speaking to CNBC-TV18, Rajiv Anand, Executive Director at Axis Bank, said he expected all limits on cash withdrawals to be lifted by April 1.
This has been hiked from Rs 4,500 allowed daily per card, said RBI
In a statement, prosecutors investigating the scandal said they asked a Seoul court to issue an arrest warrant for Lee Jae-Yong, the son of the Samsung group chairman Lee Kun-Hee.
In the latest advisory issued yesterday, Department of Foreign Affairs and Trade (DFAT) said, "Indian authorities have replaced withdrawn 500 and 1,000 notes with new 500 and 2,000 rupee notes slowly entering circulation."
The RBI will remove restrictions on cash withdrawals after assessing market situation, Finance Minister Arun Jaitley said today even as he ruled out interfering with the conditions barring anyone other than NRIs and Indians returning from abroad from depositing the junked notes in select central bank branches.
In order to supply more bank notes to currency-starved rural branches of banks, the RBI has asked lenders to increase issuance of fresh notes. The banks have been told to increase supply to regional rural banks, district cooperative central banks and commercial banks.
"RBI has sufficient stock to inject a lot more currency which they will continue. Yesterday, I had gone around Delhi and we're getting reports from all over the country the crowds at the banks have eased significantly," he said.
In a relief to common man, the Reserve Bank tonight said cash withdrawal limit from ATMs will be increased to Rs 4,500 per day from the current Rs 2,500 from January 1.
Has the cash crunch eased out in rural India 50 days post demonetisation? Like in metros, are banks & ATMs in small towns & villages dispensing enough cash? CNBC-TV18 reached out to a few towns and villages to find out.
Insisting that opposition's concerns on demonetisation have been found "correct", former Finance Minister P Chidambaram today said Prime Minister Narendra Modi should now make a categorical announcement of an end to all restrictions on cash withdrawals.
Prime Minister Narendra Modi last month said 500 and 1,000 bank notes - worth a combined USD 256 billion and 86 percent of cash in circulation - would cease to be legal tender after December 30, disrupting the lives of hundreds of millions.
However, the cash crunch and queues outside ATMs and banks continue as currency printing presses have failed to meet the huge demand for new bills.
With only 15 percent of ATMs receiving cash on a daily basis, the term 'cash crunch' has become an understatement. But even as urban india has warmed up to battling demonetisation blues, rural pockets and some suburbs are left high and dry.
Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on cash availability.
Average frequency of cashless purchases by Indians has gone up from 1.5 times per week to 3 times per week within 40 days of demonetisation announcement.
With 50 percent or Rs 7.5 lakh crore worth of remonetisation complete, queues at banks have reduced substantially and are visibly longer only in poll bound states like Uttar Pradesh and Punjab, he said.
Dattatreya, who held a meeting with the central bank officials and ministers of Telangana here, asked the banks to take measures for waiver of service charges to all the users of net banking and cards to encourage cashless transactions.