BUSINESS
30/01/2017 5:53 PM IST | Updated 30/01/2017 6:06 PM IST

RBI Relaxes ATM Cash Limits, Caps On Current Account Withdrawals

Limits on savings bank accounts, which currently stand at ₹24,000 a week may be withdrawn in the near future.

INDRANIL MUKHERJEE via Getty Images

The Reserve Bank of India (RBI) will remove limits placed on daily cash withdrawals from automated teller machines from 1 February and will also lift all curbs on branch withdrawals from current account, cash credit and overdraft accounts with immediate effect, it said in a circular on Monday.

The RBI, however, allowed banks to use their "discretion" in placing their own daily cash withdrawal limits at ATMs, as was the case prior to 8 November, when the government had announced its move to abolish all high-value notes that accounted for 86% of the bills in circulation.

Cash withdrawal limits for over-the-counter savings bank accounts, which currently stand at ₹24,000 a week may be withdrawn in the near future, the RBI said.

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