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Corona changed people’s habit, now withdrawing so much cash from ATM

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People have been alerted by the second wave of epidemic. Instead of bank branches, they are withdrawing more money from ATMs for emergency use at one go.

People are preferring to keep cash in times of crisis

In the COVID-19 Pandemic, the behavior of people has changed due to the use of cash. Now people are withdrawing cash in a large amount from the ATM itself to avoid going to the bank branch again and again. Along with this, small payments are also preferred to be made through digital medium. Given the rules of lockdown and social distancing, people are avoiding going to the bank and using ATMs to withdraw money.

People have been alerted by the second wave of epidemic. Instead of bank branches, they are withdrawing more money from ATMs for emergency use at one go. Also using UPI (Unified Payment Interface) and other digital methods for payment.

So this is why cash withdrawal from ATM

Mundar Agashe, founder and managing director of Sarvatara Technologies, said cash withdrawal through ATMs has increased by nearly 20 per cent. The reason for this is that people are withdrawing more funds and are trying to keep cash for medicines and other emergencies.

Cash withdrawal increased by 20 percent

According to Agashe, earlier people used to withdraw 2,000 to 3,000 rupees at a time on an average. Now it has increased by about 20 percent to Rs 3,000 to 4,000. This trend is being seen both in the city and the village.

Payment through IMPS went up to 9,000

He also said that UPI remains the preferred medium for small transactions. But through this, the transaction is maintained at an average level of 1,000.

According to Agashe, due to this change in the attitude of people, the payment through IMPS has gone up to Rs 9,000, which was earlier from 6,000 to 7,000 rupees. He said, the second wave of corona virus epidemic has affected cash maintenance and management and all this in favor of digital payments in the long run.

Currency circulation also increased

According to the latest figures of the Reserve Bank of India (RBI), the amount of currency in circulation on May 7 was Rs 2,939,997 crore, which was 26 March 2,858,640 crore.

People are preferring to keep cash in times of crisis

Chief Economist of Care Ratings Madan Sabnavis said that in this uncertain time people are giving preference to keeping cash. He said that these are for precautionary measures because one may need to spend suddenly due to medical reasons.

Anand Kumar Bajaj, Founder, Managing Director and CEO of Pay Nirbai said that people are withdrawing money and keeping cash with them due to the concern about the lockdown. The reason for this is to keep cash with you for emergency and basic needs in this difficult time. He said that the use of cash is a sign that people are keeping cash with them because they are afraid of a more stringent lockdown that can be put in place to control the epidemic.

According to Khaitan & Co. partner Abhishek A. Rastogi, people are keeping cash with them for emergency needs. Also, they are avoiding going to the bank to deposit or withdraw money due to the risk of infection.

He said that apart from this, hospitals have also been recently allowed to take more than Rs 2 lakh cash along with a copy of PAN and Aadhaar. Because of this, people are giving preference to keeping money with them.

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(With language input)

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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