New Delhi: Giving relief to people across the nation, the Reserve Bank of India on Monday announced its decision that limits placed on cash withdrawals from ATMs stand withdrawn from Wednesday.
The RBI, however, said the banks may, at their discretion, have their own operating limits as was the case before Nov 8.
The bank on Jan 16 had increased the cash withdrawal limit from ATMs to Rs 10,000 per day.
The bank, however, kept the weekly withdrawal limit at Rs. 24000 unchanged.
The RBI in a statement said: “Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.”
“The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,” it said.
The RBI said: “Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above.”
In the statement, the RBI said banks are urged to encourage their constituents to sustain the movement towards digitalisation of payments and switching over of payments from cash mode to non-cash mode.