Bringing some relief to the cash starved populace,the Reserve Bank of India (RBI) recently decided to raise the cash withdrawal limit from ATMs to Rs 10,000 per day from the present Rs 4,500 with immediate effect.
Despite the increase in the daily withdrawal limit, there is no change in the weekly withdrawal limits, which stays at Rs 24,000, reports the Times of India.
According to RBI’s official statement, “The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card. It will be operative within the existing overall weekly limit.”
Furthermore, withdrawal limit from current accounts has been increased from the current limit of Rs 50,000 per week to Rs 1, 00, 000 per week. This also extends to overdraft and cash credit accounts.
In its previous update,RBI had revised the cash withdrawal limit from Rs 2,500 to Rs 4,500 , which came into force on January 1, 2017. The order was issued on December 28.
The RBI had imposed a series of limitations on the banking and withdrawal rights, post the announcement of demonetisation on November 8 by Prime Minister Narendra Modi.