The Reserve Bank of India (RBI) took another step to ease out the pain of common public which it suffered due to withdrawal limits from ATM and Bank Accounts. The RBI has removed the withdrawal limits from Current Account ATMs from February 1. It also said that the limit on Saving Account withdrawal of Rs. 24,000 a week will continue.
With this move, the RBI has Partially restored the status quo ante. Any withdrawal limits from current, cash credit and overdraft accounts has been removed.
In a circular released in the evening, the RBI said that “The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.”
Recently the RBI had raised the ATM withdrawal limit to Rs 10,000 a day; however it maintained the cap on maximum withdrawal as Rs 24,000 for saving account and Rs 1 lakh for current account holders in a week.
The RBI has left the ball in the corners of the bank and said that limits on withdrawals can decided by the banks themselves.
The central bank also requested for maximal digital transaction and urged switching over of payments from cash mode to non-cash mode. The maximum withdrawal limit on saving bank account still continues but will be reviewed very soon.