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<ul class="summary-list"><li>The Russian <keyword id="13245856" type="UNKNOWN" weightage="60" keywordseo="ruble" source="Orion">ruble</keyword> plunged nearly 30% against the <keyword id="6368584" type="UNKNOWN" weightage="60" keywordseo="us-dollar" source="Orion">US dollar</keyword> on Monday to a record low. </li><li>Russians are scrambling foreign <keyword id="11931696" type="UNKNOWN" weightage="60" keywordseo="currencies" source="Orion">currencies</keyword> and cash at ATMs in the country.</li></ul>Russians are standing in long lines to withdraw foreign currencies from ATMs as Western sanctions send the ruble to a record low against the US dollar.On Monday, the <a href="https://markets.businessinsider.com/currencies/rub-usd">Russian ruble</a> tumbled nearly 30% against the greenback, dropping to as low as 119 against the dollar, according to <a href="https://www.reuters.com/business/rouble-set-dive-euro-slides-after-west-steps-up-russia-sanctions-2022-02-28/">Reuters.</a>The plunge came after the <a href="https://ec.europa.eu/commission/presscorner/detail/en/statement_22_1423">European Commission</a> said on Saturday that Western allies will slap restrictive measures on the <a href="https://cbr.ru/eng/hd_base/mrrf/mrrf_m/">Russian Central Bank's</a> international reserves worth $630 billion. The measures will "paralyze the assets of <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s central bank," "freeze its transactions," and "make it impossible for the Central bank to liquidate its assets," EC President Ursula von der Leyen wrote in a <a href="https://twitter.com/vonderleyen/status/1497696378461593605">tweet</a>.Western countries have intensified their economic isolation of Russia, including the removal of selected banks from the <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">SWIFT banking system.</a>The moves have spooked many Russians, who are withdrawing US dollars at more than a 30% premium over the market's close on Friday, according to <a href="https://www.bloomberg.com/news/articles/2022-02-27/russians-rush-for-dollars-as-sanctions-threaten-ruble-collapse">Bloomberg.</a>"I've stood in lines for an hour, but foreign currency is gone everywhere, just rubles," Vladimir, a 28-year-old programmer, told Bloomberg. He declined to give his last name.Russians also fear their bank cards may stop working and that banks may limit cash withdrawals, <a href="https://www.reuters.com/article/marketsNews/idUSL8N2V20P4?il=0">Reuters</a> reported. "Since Thursday, everyone has been running from ATM to ATM to get cash. Some are lucky, others not so much," one St. Petersburg resident told the outlet.Russia's central bank is calling for calm, saying in a <a href="https://www.cbr.ru/press/pr/?file=27022022_112112SUP_MEAS27022022_112446.htm">Sunday statement</a> it has "the necessary resources and tools to maintain financial stability and ensure the operational continuity of the financial sector."Major state-owned Russian bank Sberbank said in a <a href="https://www.sberbank.com/news-and-media/press-releases/article?newsID=d604fb90-395f-4a55-b456-3d925d24e278">press release</a> on Friday that it was operating as normal, and that customers will continue to have access to their funds and be able to exchange them into foreign currencies.However, the <a href="https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220228~3121b6aec1.en.html">European Central Bank</a> said on Monday that Sberbank Europe — a fully owned subsidiary of Sberbank Russia — is "failing or likely to fail" alongside its Croatian and Slovenian units due to significant deposit outflows. "This led to a deterioration of its liquidity position," the ECB said in the statement. The ruble is likely to continue coming under pressure."The most important thing is that the West is freezing the Central Bank's reserves," former Russian prime minister <a href="https://twitter.com/MKasyanov/status/1497823742461890565">Mikhail Kasyanov</a> wrote on Twitter, per a <a href="https://www.reuters.com/article/marketsNews/idUSL8N2V20P4?il=0">Reuters</a> translation. "There is nothing to support the ruble with. They will turn on the printing press. Hyperinflation and catastrophe for the economy are not far away."Sberbank did not immediately respond to Insider's request for comment.

Russians are scrambling to withdraw US dollars at ATMs as the ruble hits a record low on sweeping Western sanctions

Popular <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> and <keyword id="490792" type="PERSON" weightage="20" keywordseo="Mobile-wallet">mobile wallet</keyword> app PhonePe was launched in 2016 and has come a long way since then. It is no longer only a wallet app and now offers several functions including ordering food, fee payment,<a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms"> gold purchase</a> and more. PhonePe recently added a new feature that will allow users to withdraw cash from their bank accounts without using a card. The <keyword id="8639344" type="UNKNOWN" weightage="20" keywordseo="phonepe-atm">PhonePe ATM</keyword> is a digital ATM wherein the company has partnered with merchants to allow users to withdraw cash. The PhonePe ATM feature was introduced earlier this month and is still being rolled out. It is to be noted that this service is completely free, and the user will not be charged anything for using this service. The withdrawal limit will depend on the limit set by your respective bank. How to withdraw cash from PhonePe ATM 
 
 
 
 <div type="image" title="PhonePe ATM cash" msid="73904470" hostid="261"></div>









 <ul><li>Open the PhonePe app on your device.</li><li>At the bottom, click on the ‘Stores’ tab.</li><li>Now, click on the ‘PhonePe ATM’ icon.</li><li>Then, click on ‘Withdraw now’.</li><li>Select a store from the available stores’ and then click on ‘Withdraw Cash’.</li><li>Now, in the currency box, enter the amount you want to withdraw.</li><li> Select the bank account from which you want to debit or withdraw the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Now, go to the store that you had selected and collect the cash.</li></ul>Commenting on the launch of the PhonePe ATM service, Vivek Lohcheb, head of offline business development, PhonePe said, “The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash.” According to<a href="https://www.businessinsider.in/advertising/brands/article/phonepe-is-looking-at-bharat-for-its-next-phase-of-growth/articleshow/72295764.cms"> a press release</a>, PhonePe has over 9 million registered partners across 300 cities in India. It also has over 185 million registered users, out of which 66 million are<a href="https://www.businessinsider.com/google-pay-adds-features-to-court-indian-merchants-2019-9"> reported</a>ly active. With widespread acceptance across merchants, PhonePe ATM has the potential to become a bridge between users as well as the merchants who wish to save a visit to the bank for cash deposits. Increased footfalls in merchant stores could also help them generate sales from PhonePe ATM users, making it a win-win for all the parties involved. See also: <a href="https://www.businessinsider.in/tech/how-to/recharge-fastag-phonepe-google-pay-bhim/articleshow/73485125.cms">How to recharge your FASTag using PhonePe, Google Pay and BHIM</a> <a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms">How to buy and sell gold on PhonePe</a>

How to withdraw cash from PhonePe ATM

In a huge relief to the common man, the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a> (RBI) removed <a href="http://www.businessinsider.in/searchresult.cms?query=withdrawal+limit&amp;sortorder=effectivedate">withdrawal restrictions</a> from <keyword id="1177491" type="UNKNOWN" weightage="20" keywordseo="current-accounts">current accounts</keyword> with effect from February 01. Till now, people could withdraw Rs 6,000 per day and Rs 1 lakh per week from current accounts. 
 
However, the withdrawal limit from savings accounts will continue, which can be removed soon. 
 
RBI stated banks can impose their own limits on <a href="http://www.businessinsider.in/searchresult.cms?query=atm&amp;sortorder=effectivedate">ATM</a> withdrawals.

RBI removes withdrawal limit for current accounts;
banks can impose restrictions on ATM withdrawals

Cash and ATM management companies will soon be allowed to attract 100 per cent foreign direct investment as they are not required to comply with the Private Security Agencies (Regulation) Act (<keyword id="2544663" type="ORGANIZATION" weightage="20" keywordseo="PSARA">PSARA</keyword>), according to news agency PTI. A clarification to this effect is likely to be issued by the home ministry shortly. The clarification will be against the backdrop of the confusion among firms in cash and ATM management relating to compliance with the Act, under which they can receive <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> only up to 49 per cent. The issue was discussed at a meeting convened by the Prime Minister's Office (PMO) last month. "In that meeting, it was decided that the home ministry would be asked to issue a clarification that these companies will not have to comply with PSARA and would be eligible to attract 100 per cent FDI," an official said. There are about a dozen cash management players in the country, including Writer Safeguard, SIS Securitas, CMS, Secure Value, Logicash, Brinks Arya, Securitrans and Scientific Security Management Services. According to experts, companies managing cash for banks have so far been caught in a policy tangle, with the home ministry insisting that 100 per cent FDI could not be allowed for them if they provide private security guards or armoured vehicles. Companies that make devices such as currency authenticators and sorting and currency counting machines will also benefit from this clarification, they added. Several players, including TVS Electronics and ITI, are in such businesses. Cash Management companies handle over Rs 40,000 crore of cash per day. The government in 2015 permitted 100 per cent FDI under the automatic route for white label ATM operations with an aim to promote financial inclusion. FDI into the country grew 22 per cent to USD 35.85 billion during April-December of 2016-17. Foreign investment is considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure such as ports, airports and highways to boost growth. A strong inflow of foreign investments also helps improve balance of payments and strengthen the rupee against other global currencies, especially the dollar.

Soon 100% FDI in ATM management companies

New Delhi, Jan 21 () ICICI Bank on Tuesday launched cardless cash withdrawal facility from its ATMs with a per day transaction limit of Rs 20,000.
 This service enables customers to withdraw cash from over 15,000 ATMs of the bank by simply raising a request on iMobile, its mobile banking application.
 "It is a simple and convenient way to withdraw cash without using a debit card," the bank said in a statement.
 The service can be used for self-withdrawal when customers do not wish to carry the debit card.
 The daily transaction limit as well as per transaction limit is set at Rs 20,000, it added.
 Speaking on the launch, Executive Director of ICICI Bank Anup Bagchi said the bank will continue to focus on innovations in technology at all channels and touch-points that will bring more convenience to the customers.
 The bank's consolidated total assets stood at Rs 12,88,190 crore at September 30, 2019. It is present across 15 countries. NKD ANS
ANS

ICICI Bank introduces cardless cash withdrawal facility through ATMs

<ul><li><keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has reduced the withdrawal limit from ₹40,000 to ₹20,000 per day to minimise fraudulent transactions and promote digital transactions. </li></ul><ul><li>The lower limit will be effective from 31 October. </li></ul><ul><li>The reduced limits are applicable on Classic and Maestro debit cards.</li></ul>The largest commercial bank in India, State Bank of India (SBI), has cut down the withdrawal limit on ATM transactions for certain debit cards from ₹40,000 to ₹20,000 per day. The lower limit will be applicable from 31 October. The withdrawal limit has been imposed on Classic &amp; Maestro debit cards. However, the account holders with higher card variants can continue to benefit from the regular daily withdrawals. The average cash withdrawals from ATMs per card have been examined to be less than ₹20,000 a day and the lower limit will help in checking frauds and promote digital transactions. SBI alerted its account holders, the ones with the Classic and Maestro debit cards, regarding the reduction in the limits about a month ago. The users with Gold and Platinum cards will continue to enjoy higher withdrawal limits of ₹50,000 and ₹1 lakh a day, respectively. The bank has asked its customers to upgrade to the higher variants to enjoy higher ATM withdrawals. The <a href="https://www.sbi.co.in/">SBI</a> website had put out the following message on the website: “Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from ₹40,000 to ₹20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant.” The bank has initiated the lower limit to reduce fraudulent transactions and encourage cashless transactions. As reported by <a href="https://www.hindustantimes.com/business-news/sbi-halves-daily-atm-withdrawal-limit-to-rs-20k-for-certain-card-holders-from-october-31/story-qnfx5bBNW7oC1pyWgeUQYK.html">Hindustan Times</a>, the ATM transactions were analysed and it was found that majority of the frauds reported to the bank happened to be of ₹40,000 that is the maximum limit per day. The reduced withdrawal limit was picked to protect customers and encourage digital transactions, SBI Managing Director PK Gupta explained. As per <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-halves-daily-atm-cash-withdrawal-limit-to-rs-20000/articleshow/66021831.cms">reports</a>, multiple cases in the past saw a trend of stealing debit card PIN numbers via hidden cameras and electronic devices. The bank feels that the move will help to keep close check on fraudulent activities. However, enough are of the opinion that the debit card users are most prone to card frauds and the risk is not limited to ATMs. In India, the demand for cash continues to be high, despite the government promoting digital transactions. But, daily transactions have been reported to be of amounts lesser than ₹20,000, so this move should help to track frauds on ATM transactions. A large number of card users are to be impacted by the reduced limits since SBI’s Classic card holds a majority of its card portfolio.

State Bank of India halves withdrawal limit at ATMs to ₹20,000 per day to prevent fraud

<ul class="summary-list"><li>Bank of Ireland customers were able to withdraw beyond their account limits due to a technical glitch.</li><li>Some people with low balances were able to take out 1,000 euros ($1,090) in cash, per The Telegraph.</li></ul>Bank of Ireland apologized after a "technical issue" meant some customers were able to withdraw cash beyond their account limits on Tuesday.Some people with low balances were able to take out 1,000 euros ($1,090) in cash, <a href="https://www.telegraph.co.uk/world-news/2023/08/16/bank-of-ireland-atm-1000-euros-gardai/" target="_blank" rel="noopener noreferrer">The Telegraph</a> reported.While a glitch in Bank of Ireland's app allowed people with no money to transfer up to 500 euros, per the <a href="https://www.independent.ie/business/personal-finance/bank-of-ireland-warns-money-withdrawn-during-it-blunder-will-be-debited-as-online-services-restored/a510070628.html" target="_blank" rel="noopener noreferrer">Irish Independent</a>."We sincerely apologise for the disruption this outage caused – we know we fell far below the standards our customers expect from us," Bank of Ireland said in a statement shared with Insider."We are aware that the technical issue meant some customers were able to withdraw or transfer funds above their normal limits," it added.Videos shared on social media showed huge queues forming in front of ATMs in Dublin and other Irish towns.And in some towns the lines were so big that the Gardaí, Ireland's police force, had to help control them, the Irish Independent reported. Some police were also filmed guarding ATMs, per <a href="https://news.sky.com/story/bank-of-ireland-glitch-allows-customers-with-no-money-to-withdraw-funds-from-atm-12940919" target="_blank" rel="noopener noreferrer">Sky News</a>. A spokesperson for the police force told <a href="https://www.rte.ie/news/business/2023/0816/1399974-bank-of-ireland/" target="_blank" rel="noopener noreferrer">RTE</a> this was carried out on a "case-by-case basis" and that "local decisions were made depending on the public safety and public order."Bank of Ireland warned customers that the transfers and withdrawals will still be applied to their accounts. It urged customers "who may find themselves in financial difficulty due to overdrawing on their account to contact us.""Yesterday a technical issue impacted a number of Bank of Ireland's services. Our teams restored these services overnight," the statement added. "Overnight payments to accounts may appear throughout the day and the app may be slow today as we continue to catch up in processing payments."

You Searched For "limited ATM withdrawals" and got 7 results

Russians are scrambling to withdraw US dollars at ATMs as the ruble hits a record low on sweeping Western sanctions

Huileng Tan

How to withdraw cash from PhonePe ATM

Rounak Jain

RBI removes withdrawal limit for current accounts; banks can impose restrictions on ATM withdrawals

BI India Bureau

Soon 100% FDI in ATM management companies

BI India Bureau

ICICI Bank introduces cardless cash withdrawal facility through ATMs

PTI

State Bank of India halves withdrawal limit at ATMs to ₹20,000 per day to prevent fraud

BI India Bureau

Police resorted to guarding ATMs in Ireland after a glitch at the country's biggest bank let some people take out over $1,000 of cash they didn't have

Pete Syme

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