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