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RBI Increases Weekly Cash Withdrawal Limit to Rs 50,000

The Reserve Bank on Monday increased the weekly limit on withdrawal of cash from savings bank accounts to Rs 50,000.

News18.com

Updated:February 20, 2017, 1:10 PM IST
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RBI Increases Weekly Cash Withdrawal Limit to Rs 50,000
People stand in a long queue to withdraw money at an ATM (PTI Photo)

New Delhi: The Reserve Bank of India on Monday increased the weekly limit on withdrawal of cash from savings bank accounts to Rs 50,000.

The limit will be removed from March 13.

Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace of remonetisation.

Cash withdrawal limits have been in place since November 8, 2016 following the Narendra Modi-led central government decision to demonetise Rs 500 and 1000 notes.

Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.

The decision to increase the withdrawal limit was taken after the RBI announced its sixth bi-monthly monetary policy review. On the basis of remonetisation, RBI had earlier eased restrictions on cash withdrawal from current accounts, cash credit accounts and withdrawal through ATMs on February 1.

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