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RBI Puts A Drastic ₹10,000 Monthly Withdrawal Limit For Jan Dhan Accounts. Says It Will 'Protect' Farmers

All non-KYC compliant account holders would be allowed to withdraw ₹5,000 per month from any amount deposited after November 09
NEW DELHI, INDIA - AUGUST 28: Prime Minister Narendra Mod during the launch of Pradhan Mantri Jan Dhan Yojna at Vigyan Bhawan on August 28, 2014 in New Delhi, India. Prime Minister Modi had announced the scheme to open bank accounts for all citizens of India in his maiden Independence Day address. Under Pradhan Mantri Jan Dhan Yojana every account holder gets a debit card with a Rs.1 lakh insurance cover. (Photo by Mohd Zakir/Hindustan Times via Getty Images)
Hindustan Times via Getty Images
NEW DELHI, INDIA - AUGUST 28: Prime Minister Narendra Mod during the launch of Pradhan Mantri Jan Dhan Yojna at Vigyan Bhawan on August 28, 2014 in New Delhi, India. Prime Minister Modi had announced the scheme to open bank accounts for all citizens of India in his maiden Independence Day address. Under Pradhan Mantri Jan Dhan Yojana every account holder gets a debit card with a Rs.1 lakh insurance cover. (Photo by Mohd Zakir/Hindustan Times via Getty Images)

In a new rule announced today, the Reserve Bank of India has severely restricted the withdrawals from PM Jan Dhan accounts to ₹10,000 a month, saying these rules are aimed at protecting "innocent farmers" and rural Jan Dhan account holders from illegal money laundering activities.

In a notification to banks, RBI said, "Fully KYC complaint account holders may be allowed to withdraw ₹ 10,000 from their accounts in a month. The branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank's record."

All non-KYC compliant account holders would be allowed to withdraw ₹5,000 per month from any amount deposited after November 09 but restricted to a limit of ₹ 10,000.

Deposits in Jan Dhan accounts soared sharply by around ₹27,200 crore in just 14 days after the announcement of ban on old ₹500 and ₹1000 currency notes.

Total deposits in 25.68 crore Jan Dhan accounts crossed ₹70,000 crore mark and were at ₹72,834.72 crore on 23 November.

With PTI inputs

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