Mumbai: The Reserve Bank of India (RBI) today lifted limits on cash withdrawals from savings bank accounts, with the weekly limit rising to Rs 50,000 per account from Rs 24,000 after the demonetisation.
Earlier, the RBI has decided to withdraw cash limits were slated to cease from March 13.
Reserve Bank of India (RBI) Deputy Governor R. Gandhi announced the lifting of limits on February 8th.
The RBI on January 30th ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts.
The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 currency notes. The upper limit for withdrawals from ATMs was Rs 2,500 initially and was later raised to Rs 4,500.
The apex bank in January hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh.
The upper limit for weekly withdrawal from bank accounts was raised to Rs 24,000 from Rs 20,000 in November.
The lifting of ATM withdrawal limits from March 13 will represent a coming full circle for these machines.