RBI restricts withdrawal from Jan Dhan accounts up to Rs 10,000 per month

Taking a strict action after reports of huge amount of money getting deposited in the Jan Dhan accounts, the Reserve Bank of India has decided to place certain limits on operations of Prime Minister’s ambitious financial scheme ‘Pradhan Mantri Jan Dhan Yojna’ (PMJDY) , where specific bank notes have been deposited post November 9.

To protect PMJDY account holders from money launders, RBI has notified a cap of ₹10,000 on cash withdrawals from such accounts in a month.

Only the full KYC compliant account holders will be able to withdraw the amount of Rs 10,000 in a month. However, further withdrawals may be allowed within current applicable limits after ascertaining the genuineness of such withdrawals.

To protect PMJDY account holders from money launders, RBI notifies a cap of ₹10,000 on cash withdrawals from PMJDY accounts in a month. pic.twitter.com/scrlgoS1xP

— Prasar Bharati (@prasarbharati) November 30, 2016

While Non-KYC compliant account holders will be allowed to withdraw Rs 5,000 a month from the amount deposited through Specific Bank Notes (SBN) within overall ceiling of Rs 10,000.

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