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RBI relaxes cash withdrawal limits from bank accounts

RBI relaxes cash withdrawal limits from bank accounts
29 November 2016 Current Affairs: The Reserve Bank of India (RBI) has relaxed the cash withdrawal limit from the bank accounts with an aim to spur the deposits on 28 November 2016.

The depositors, who have made the deposits in the current legal tender notes, can now withdraw that amount over and above the weekly limit of Rs 24000.

This move comes as a relief for certain depositors who were hesitating to deposit their monies into bank accounts due to the current limits on cash withdrawals from accounts.

The withdrawals will be available in higher denominations bank notes of Rs 2000 and Rs 500. The move will also encourage small businesses and shopkeepers to deposit cash in legal tender which they can withdraw at the same point of time. 

The Union Government on 8 November 2016 banned the legal tender of Rs 1000 and Rs 500 currency notes. Since then, this demonetisation plan has fetched Rs 8.1 lakh crore in bank accounts. On the other hand, around Rs 34000 crore had been exchanged till date.

In terms of total cash withdrawals, around Rs 2.16 lakh crore had been withdrawn as cash till date as per RBI record of 27 November 2016.


December 2016 Current affairs
9 DEC
NEWS
8 DEC
NEWS
7 DEC
NEWS
6 DEC
NEWS
5 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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