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RBI Removes Withdrawal Limits At ATMs From 1 February
People waiting outside an ATM. (Photo Credit: DIPTENDU DUTTA/AFP/Getty Images)
In a circular published today (30 January), the Reserve Bank of India (RBI) has announced that it has partially restored status quo on the withdrawal of money from various bank accounts.
The new withdrawal limits that have been mentioned are:
1. All limits placed on withdrawal of money from Current Accounts, Cash Credit Accounts and Overdraft Accounts have been removed.
2. Limits placed on withdrawal of money from Savings Bank Accounts will continue to remain operational, but their removal will be reconsidered in the near future.
3. Limits placed on withdrawal of cash from ATMs will cease to exist from 1 February, but banks can choose to have their own operating limits as was the case before 8 November 2016.
Apart from this, the circular also urges banks to encourage their constituents to continue promoting the use of digital methods of payment and encourage their use over cash.
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