RBI Increases Daily Withdrawal Limit to Rs.10,000

January 17, 2017 09:14
RBI Increases Daily Withdrawal Limit to Rs.10,000

The Reserve Bank of India (RBI) has again increased the cash withdrawal limit from the ATM to Rs 10,000 per card. The weekly withdrawal limits remain to Rs.24,000.

The current account holders can withdraw up to Rs 1 lakh per week. Previously, current account holders withdrawal limit was only up to Rs 50,000. The facility has been extended to overdraft and cash credit accounts as well.  

After the government banned Rs 500 and Rs 1,000 notes, RBI had imposed these limits. The withdrawal limits will be removed completely after RBI supplied sufficient amount of new notes.

The daily withdrawal limit has been changed a number of times since Prime Minister Narendra Modi announced the note ban.

According to a Bank of India executive, "the supply of currency notes (of various denominations) from December 2016 had increased substantially, leading to improved availability at branches and ATMs. While dispensing currency notes, the bank’s own customers were the priority."  

"Compared to the last month, more currency notes were being sent to semi-urban and rural networks", said the banker.

"The increase in current account withdrawal would greatly aid small businesses as well as companies that have to pay wages to employees in cash. Many small units had to be closed down as owners could not pay in cash. Now, those units can hope to be back in business", as usual, bankers added.

Cash Withdrawal Limit from ATM Exceeds to Rs. 4,500 Per Day

BY M. DIVYA SRI

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