Mumbai: In what could be a big relief and a New Year gift for country’s cash starved populace, the Reserve Bank of India on Friday increased the existing daily cash withdrawal limit of Rs 2,500 per card to Rs 4,500 with effect from January 1, 2017.
“On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card,” RBI said in a statement.
The increase in cash withdrawal limit comes at a time when people have complained about unavailability of cash at ATMs even after fifty days when Rs 1,000 and Rs 500 notes were banned.
The central bank has also clarified that it has not made any changes to the weekly withdrawal limit of Rs 24,000 through cheques at bank branches.
Under the enhanced withdrawal limit, majority of the notes withdrawn would of Rs 500 denomination, RBI said.
