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Reserve Bank of India increases withdrawal limit up to Rs 10,000

The Reserve Bank of India (RBI) on Monday more than doubled the daily ATM withdrawal limits—from Rs 4,500 to Rs 10,000 per card—while keeping the weekly limits for individuals untouched at Rs 24,000. The current account holders too can heave a sigh of relief as their weekly withdrawals have been doubled to Rs 1 lakh from the current limit of Rs 50,000 which is aimed at improving the cash position of traders and small businesses.

“There are no changes in the other conditions. The relaxations, as provided in our circular dated November 28, 2016, will continue,” the central bank said in a release.

RBI had earlier increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 effective January 1, just a day after 50-day demonetization period ended on December 30. However, NRIs and Indians who were abroad during the demonetization period have been given additional time to deposit their old currency notes.

According to sources, the relaxation by RBI is a clear indication that cash situation is easing. “ATM cash supply situation is near normal. About Rs 8,000 crore on daily basis is being fed across the country. We are gearing up for higher loading frequency and meet the requirement,” said Rituraj Sinha, the president Cash Logistics Association.

– With PTI inputs


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