ATM cash withdrawal limit to be removed from Feb 1, announces RBI
New Delhi: The Reserve Bank of India (RBI) on Monday announced that cash withdrawal limit at ATMs will be removed from February 1.
The central bank of the country had imposed a limit on cash withdrawals at ATMs and banks after the government scrapped the higher denomination currency notes of Rs 500 and Rs 1,000 on November 8, 2016.
RBI, however, has decided to continue the weekly withdrawal limit of Rs 24,000. The top bank also assured that they will soon review the withdrawals from Savings Accounts.
The RBI in its official statement said, "On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect."
The central bank has continued the withdrawal limit on Savings Bank accounts but has assured to take it into consideration in near future.
The new RBI circular will come into effect on February 1, 2017, but the banks are allowed to set their own operating limits as was the case before November 8.
The Reserve Bank of India on January 17, raised the withdrawal limit from ATMs from Rs 4,500 to Rs 10,000 per day.