RBI to lift ATM withdrawal limit

Posted on:31 Jan 2017 17:53:20
RBI to lift ATM withdrawal limit
31 January 2017 Current Affairs: The Reserve Bank of India will lift restrictions on daily withdrawal of money from ATMs (automated teller machines) starting 1 February 2017. 

The announcement was made through a circular issued on 30 January 2017. According to the notice, the decision was taken after a review of the pace of remonetisation.

Highlights : RBI has asked all banks to set their own daily limit as they did before the demonetisation of old high denomination currency notes on 8 November 2016.

The RBI will also be removing all limits on cash withdrawals from current accounts, cash credit accounts and overdraft accounts.

The weekly limit of Rs 24000 on savings bank accounts will continue to hold for now but is under consideration for withdrawal in the near future.

Along with this, the RBI has also urged all banks to encourage their constituents to move towards digitisation of payments and switch the mode of payment from cash mode to non-cash mode.
The Reserve Bank of India will lift restrictions on daily withdrawal of money from ATMs (automated teller machines) starting 1 February 2017. 

The announcement was made through a circular issued on 30 January 2017. According to the notice, the decision was taken after a review of the pace of remonetisation.

Highlights : RBI has asked all banks to set their own daily limit as they did before the demonetisation of old high denomination currency notes on 8 November 2016.

The RBI will also be removing all limits on cash withdrawals from current accounts, cash credit accounts and overdraft accounts.

The weekly limit of Rs 24000 on savings bank accounts will continue to hold for now but is under consideration for withdrawal in the near future.

Along with this, the RBI has also urged all banks to encourage their constituents to move towards digitisation of payments and switch the mode of payment from cash mode to non-cash mode.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 September

20 SEPTEMBER
NEWS
19 SEPTEMBER
NEWS
18 SEPTEMBER
NEWS
17 SEPTEMBER
NEWS

Current Affairs 2018 August

31 AUGUST
NEWS
30 AUGUST
NEWS
29 AUGUST
NEWS
28 AUGUST
NEWS

Current Affairs 2018 July

31 JULY
NEWS
30 JULY
NEWS
29 JULY
NEWS
28 JULY
NEWS