The Reserve Bank of India (RBI) Today announced that limits on Cash Withdrawals from ATMs has been removed for Current Account. With this move, Limits on cash withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts from February 1st, 2017. This could be a big relief for small businesses which has been badly hit due to shortage of funds since demonetisation was launched.
However, The weekly limit of Rs 24,000 remains unchanged for Savings Bank Accounts. RBI is going to review the weekly cash withdrawal limit within short time depending on the requirement.
RBI asked Banks to fix their own limits depending on the availability of currency. It also directed Banks to encourage its customers to opt for digital payments.
However, The weekly limit of Rs 24,000 remains unchanged for Savings Bank Accounts. RBI is going to review the weekly cash withdrawal limit within short time depending on the requirement.
RBI asked Banks to fix their own limits depending on the availability of currency. It also directed Banks to encourage its customers to opt for digital payments.