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14
March 2017
All limits on savings bank cash withdrawals
post-demonetisation ended on Monday, as had been announced by the Reserve Bank
of India (RBI) last month.
In a two-stage process, the weekly withdrawal
limit per account had been raised to Rs 50,000, from Rs 24,000, with effect
from February 20, and all limits on ATM withdrawals were slated to cease from
March 13. The Total Investment &
Insurance Solutions
The announcement had been made by RBI Deputy
Governor R. Gandhi following the fiscal's last monetary policy review
announcement by the central bank in February, when it kept its key interest
rate unchanged at 6.25 per cent, saying it awaited data on the full impact of
the government's demonetisation drive.
The Total Investment & Insurance Solutions
On January 30, the RBI had 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 notes. The upper limit at ATMs was just
Rs 2,500 initially and was later raised to Rs 4,500.
In January, the RBI had hiked the daily ATM
withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal
limit to Rs 1 lakh. The Total
Investment & Insurance Solutions
The upper limit for weekly withdrawal from
bank accounts had been raised to Rs 24,000 from Rs 20,000 in November. The Total Investment & Insurance
Solutions
While lifting of ATM withdrawal limits
represents coming full circle for these machines in respect of demonetisation,
the return to normalcy in terms of cash available in them is still awaited,
indicating the slow pace of remonetisation.The Total Investment & Insurance Solutions
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