Mumbai: The Reserve Bank of India said that it will be removing the cash withdrawal limit on savings bank by March 13 as the cash crisis is expected to improve.
This will be done in two phases. In the first phase the cash withdrawal limit will be raised to Rs.50,000 per week from the present Rs.24,000 per week. And in the second phase the limit will be completely removed by March 13. At present there is no limit on current account and there is a cap of Rs.50,000 per week for farmers and Rs.2.5 lakh for marriages.
|Following the note ban on November 8, Reserve Bank had curbed withdrawal limits. It raised limits from Rs.2,000 a day to Rs.4,500 a day and then to Rs.10,000 a day while maintaining the overall weekly ceiling of Rs.24,000. This had led to huge queues to form in front of ATMs.|
Cash Withdrawal Limits To Go From March 13
On Feb 09, 2017