Insta
RBI Removes Withdrawal Limits At ATMs From 1 February
Swarajya Staff
Jan 30, 2017, 06:15 PM | Updated 06:15 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.