Restrictions on the withdrawal of money from ATMs and banks will most likely continue beyond the December 30 deadline set by the Centre because the Reserve Bank of India and printing presses have been unable to keep up with the countrywide demand for cash post demonetisation. Bankers believe that the restrictions will be extended into the new year as several facilities are still in no position to meet even the Rs 24,000 weekly limit, PTI reported.

“Most of us think that the withdrawal limit would not be completely withdrawn,” a senior public sector bank official told the news agency. “It is a possibility that it could be relaxed if the cash situation improves.”

Bank unions, too, believe that the restrictions cannot be withdrawn at one go after the 50-day window ends. Harvinder Singh, general secretary of the All India Bank Officers’ Confederation, said the withdrawal limit will most likely remain in place for a while longer in the best interest of both banks and customers.

As the country grappled with a cash crunch following the Narendra Modi government’s move to demonetise Rs 500 and Rs 1000 notes on November 8, the Centre fixed a withdrawal limit of Rs 24,000 per week per person and that of Rs 2,500 per day from ATMs. While the Centre and RBI had not specified when the restrictions will be withdrawn, Finance Secretary Ashok Lavasa had said that the Rs 24,000 limit would be will be reviewed after December 30.