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Withdrawals from Jan Dhan a/cs to be limited to Rs 10,000 per month: RBI

Nation
DC Correspondent
30 Nov 2016 3:17 AM GMT
RBI said these restrictions were being imposed to protect innocent farmers and rural account holders of Jan Dhan Yojana.
The RBI on Saturday said banks would need to transfer 100 percent of their cash under the RBIs cash reserve ratio from deposits generated between Sept. 16 and Nov. 11.
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The RBI on Saturday said banks would need to transfer 100 percent of their cash under the RBI's cash reserve ratio from deposits generated between Sept. 16 and Nov. 11.

Mumbai: The Reserve Bank of India on Wednesday announced that withdrawals from Jan Dhan accounts would be capped at Rs 10,000 per month.

In a press release, the central bank said that fully KYC compliant holders may withdraw Rs 10,000 from their account every month. The branch managers may allow further withdrawals beyond Rs 10,000 with ‘current applicable limits’ only by ascertaining the genuineness of such withdrawals and after documentation.

Furthermore, limited or non-KYC compliant account holders may withdraw Rs 5000 per month from the amount deposited through SBNs after November 9, 2016, with a ceiling of Rs 10,000.

The RBI said these restrictions were being imposed to ‘protect the innocent farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) from activities of money launderers and legal consequences under Benami transaction laws.

( Source : deccan chronicle )
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