RBI likely to revise cash withdrawal limit from banks this week

As said by few sources, it is also expected that the savings account limits could be increased from ₹24,000 to almost ₹35,000.

By: News Desk |
January 16, 2017 2:59 pm

The Reserve Bank of India (RBI) is likely to revise the weekly cash withdrawal limit from banks this week. As of now, a person could only withdraw Rs. 50,000 from his/her current account and Rs. 24,000 from his/her savings account.

As learned from the sources, the current account limitations per week are expected to increase. In addition, it is also expected that the savings account limits could be increased from ₹24,000 to almost ₹35,000.

However, it is yet to known when the withdrawal limit will be completely taken off.

Earlier, the ATM withdrawal limit was also increased from ₹2,500 to ₹4,500, to help people in the stagnant cash crunch observed after the government’s demonetisation move.

In order to curb black money and stop terror funding, the government imposed the limitations post demonetisation.

While during the first fifty days of the note ban, the effect of the cash crunch was felt severely but the situation has been improving significantly and the government is slowly restoring normalcy by putting down all imposed limits on transactions.