Bankers believe the Reserve Bank of India might do away with the weekly withdrawal limits from ATMs as well as banks by the end of February, PTI reported on Thursday. The central bank had recently raised the ATM withdrawal limit to Rs 10,000 a day from Rs 4,500. However, it maintained the weekly cap at Rs 24,000 for savings accounts.

State Bank of India research report Ecowrap said 78-88% of currency could be back in the system by the end of February, adding that in the next two months, the cash situation will regain normalcy. Bank of Maharashtra executive director RK Gupta said the withdrawal cap should be removed soon as the “cash situation is easing gradually”.

On January 19, when the Parliament Standing Committee on Finance had asked RBI Governor Urjit Patel to give a time frame for when things would get back to normal, he was unable to provide an answer. However, bank officials have said they believe situation should improve before the end of the current fiscal.

After Prime Minister Narendra Modi on November 8 had demonetised Rs 500 and Rs 1,000, the RBI put restrictions on cash withdrawal from ATMs and banks due to a shortage of currency notes.