Friday, Oct 07, 2022

RBI: No limits on cash withdrawals through ATMs from February 1

The RBI, however, maintained that banks at their discretion can have their own operating limits.

rbi, reserve bank of india, atm, atms withdrawal, atm withdrawal, banks, rbi banks, no limit, withdrawal limit RBI Governor Urjit Patel

The Reserve Bank of India on Monday announced that limits placed on cash withdrawals from ATMs stand withdrawn from Feb 1. However, the weekly withdrawal limit of Rs 24,000 will continue. The central bank also said that all limits on current account and overdraft accounts stand withdrawn with immediate effect. The RBI, however, allowed the banks to maintain their discretion on own operating limits.

WATCH VIDEO | RBI Removes Withdrawal Limits On ATMs For Current Accounts

“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it has been decided to partially restore status quo ante,” RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.

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.

Subscriber Only Stories
JK Cement’s SPSU Udaipur Launches ‘Golden Batch 2022’ In Collaboration Wi...Premium
Appendicitis in Children- A new lifestyle disorderPremium
Re-Defining The Tradition In Folk Art: An Art Educator’s PerspectivePremium
Symbiosis School of Sports Sciences (SSSS) launches undergraduate program...Premium

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.

(With inputs from PTI)

First published on: 30-01-2017 at 05:26:44 pm
Next Story

Bigg Boss 10: Manveer Gurjar’s life turned upside down, from a new look to new attitude

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
X