RBI Removed Cash Withdrawal Limits: The Reserve Bank of India on Monday announced that the Removal of limits on all cash withdrawals from current accounts while retaining the weekly cap of Rs 24,000 on withdrawals from savings accounts.
The RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.The limits placed on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts also stand withdrawn with immediate effect, the RBI has said in an Announced.
The central bank has said that the banks may at their discretion have their own operating limits.
It further said that banks have been “urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.”
It also announced that limits on cash withdrawal will be totally Kerbed from March 13 i.e. today. While the decision taken by the government of India bars limits on Cash withdrawal, the decision comes at a time when the bitterness left by Demonetization has almost ended finally.