RBI lifts cash withdrawal limit for ATMs, current accounts applied on Nov 8

Reserve Bank of India on Monday finally lifted the cash withdrawals from current bank accounts and ATMs ordered in the wake of demonetisation. The pre-Nov 8 limits will be applicable from February 1, 2017 – the day of Union Budget 2017. 

RBI in a circular, issued on its website on Monday afternoon, said: 

“On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:

“Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.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.

Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. 

The central bank has, however, allowed banks to practice discretion at their discretion, have their own operating limits as was the case before November 8, 2016, subject to conditions of the circular.

Further, banks are urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode, RBI circular said. 

Highlights of circular: 

#RBI: Limits on Cash withdrawals from Bank accounts and ATMs - Restoration of status quo ante

#The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future: RBI

#Limits placed on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect: RBI

#Limits placed on cash withdrawals from ATMs stand withdrawn from Feb 01. Banks may,at their discretion,have their own operating limits:RBI