Mumbai: The Reserve Bank of India on Wednesday decided to increase the cap on cash withdrawals from savings bank accounts to Rs 50,000 per week from February 20. The withdrawal limit, the RBI said, would be completely lifted from March 13, 2017.
“From February 20, the limits on cash withdrawals from the savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week. From March 13, there will be no limits prescribed by the RBI on cash withdrawals from savings bank account,” said R. Gandhi, deputy governor, RBI at the post-monetary policy press conference.
He also said Rs 9.29 lakh crore worth new currency notes have been put in circulation as against Rs 15.44 lakh crore in circulation on November 8, 2016.
On the amount of notes that had been returned, RBI deputy governor S.S. Mundra said it will take time as NRIs still have time till June 30 for submitting their old notes. “The final figures after final verification will be published thereafter.”
