Niti Aayog CEO today said debit and credit cards as well as ATM will be redundant in next three-four years and people will use their mobile phones.
Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante
ATM cash withdrawal limit increased to 4500 - RBI Circular for Cash withdrawal from ATMs – Enhancement of daily limits to 4500
Finance Ministry OM on Encouraging usage of Debit Cards among Government employees
As salaries are likely to be credited in the accounts of employees, the rush to withdraw money to pay bills is going to increase manifold.
The central government's decision to pay its 42 lakh Group C and D employees Rs 10,000 each in cash has one shocking fallout.