RBI lifts restrictions on withdrawals from ATMs, current a/cs


Team Udayavani, Jan 30, 2017, 6:13 PM IST

Mumbai: In a big relief to people and small businesses, RBI on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.

The Reserve Bank also promised to review the weekly limit in the near future depending on the pace of remonetisation.

“On a review of the pace of remonetisation, it has been decided to partially restore status quo ante,” RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.

Banks, however, have been asked to fix their own limits, as has been the case before November 8, 2016, the day government scrapped high denomination currency notes of Rs 500 and 1,000.

RBI has also removed all limits on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts with immediate effect.

“The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” it said.

It further said that banks have been “urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.” 

Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of currency shortage following demonetisation.

These limits, however, were gradually eased with RBI pumping in new notes of Rs 500 and Rs 2000.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Women centric schemes game-changer for Maharashtra, Jharkhand?

AR Rahman sends notice to ‘slanderers’ over speculations surrounding separation with Saira Banu

No anti-government sentiment in Kerala, claims CM Vijayan

Jaiswal’s Perth Simulation: 200 overs in 2 days, inclined concrete slab, lighter synthetic balls

PCB says no meeting with ICC, BCCI officials on November 26 to resolve CT imbroglio

Australia coach McDonald surprised about behaviour of wicket on Day two

Sharad Pawar: Assembly poll rout raises question of existence for patriarch’s political legacy

Related Articles More

Women centric schemes game-changer for Maharashtra, Jharkhand?

No anti-government sentiment in Kerala, claims CM Vijayan

Maharashtra poll results unexpected, incomprehensible: Uddhav Thackeray

Delhi Police constable stabbed to death in Govindpuri, one held

BJP snatches one Lok Sabha seat from Congress; Maharashtra win boosts Rajya Sabha majority prospects

MUST WATCH

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation


Latest Additions

Satwik, Chirag doubles pair bows out of China Masters semifinals

Puttur: Two arrested for misconduct under influence of drugs

Kaup: Massive campaign and awareness rally Nov 26 for Constitution protection

Never entered into pact to operate airport in Kenya: Adani

Women centric schemes game-changer for Maharashtra, Jharkhand?

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.