From February 1 cash withdrawal limits from ATMs will be lifted : RBI

The Reserve Bank of India (RBI) has announced that cash withdrawal limits from ATMs will be lifted from February 1. However, RBI has said that banks can restrict the limits according to their own discretion of operating limits. They had also announced that all limits on current account and overdraft accounts stand withdrawn with immediate effect.



Withdrawal limits had been capped when the government had announced the move of demonetisation – discontinuing with Rs. 500 and Rs. 1,000 denominations. The RBI had then raised the cash withdrawal limits from ATMs to Rs. 10,000 per day on January 16. However, the weekly limit of Rs. 24,000 will remain unchanged. Current Account withdrawal limits have also been raised from Rs. 50,000 to Rs. 1,00,000.

The announcement will come as a great relief to the people of India who have been facing difficulties with the cash crunch post PM Modi’s declaration of the old 500 and 1000-rupee notes being illegal tender.