Nation Current Affairs 30 Jan 2017 RBI removes limits o ...

RBI removes limits on cash withdrawal from ATMs from February 1

DECCAN CHRONICLE / ANI
Published Jan 30, 2017, 5:18 pm IST
Updated Jan 30, 2017, 8:13 pm IST
Restrictions on withdrawal of Rs 24,000 a week from savings bank account will continue for now.
People stand in queue to withdraw cash from an ATM at Ramanthapur in Hyderabad. (Photo: DC)
 People stand in queue to withdraw cash from an ATM at Ramanthapur in Hyderabad. (Photo: DC)

Mumbai: In a big relief to people and small businesses, RBI today 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it has been decided to partially restore status quo ante," RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.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.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT