Restrictions on Withdrawal of Rs 24,000 a week from savings Bank Account will continue for now.
The RBI today has withdrawn Limits on Cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.
The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future, the RBI notification said.
Limits on cash withdrawals from ATMs stand withdrawn from February 01, 2017.
However, banks at their discretion can withdraw the limits as was the case before November 8, 2016.
On November 8th Central Government withdrew the Legal Tender of Rs 500 and Rs 1000 notes, triggering a nationwide cash crunch that forced the central bank to clamp daily and weekly limits on withdrawals.
The RBI also urged banks to encourage their constituents to sustain the movement towards digitization of payments and switching over of payments from cash mode to non-cash mode.
Read the full text of the notification below.
