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Daily withdrawal limit at ATM’s raised

Rs 4,500 daily at ATMs, weekly cash limit remains same

As the 50-day deadline of the demonetisation exercise announced by Prime Minister Narendra Modi on November 8 ended on Friday, the Reserve Bank of India (RBI) partially eased the restriction on withdrawal of cash from ATMs by raising the daily withdrawal limit from Rs 2,500 to Rs 4,500 on each debit card.

However, with a cash crunch and only close to 40 per cent of 2.2 lakh ATMs dispensing cash, there is no change in the weekly withdrawal limit of Rs 24,000. Such disbursals should predominantly be in the denomination of Rs 500 notes, the RBI said in a late night notification.

Earlier in the day, the RBI sent out circulars to all banks asking them to report information on collection of scrapped Rs 500 and Rs 1,000 bank notes on Friday itself.

“With the closure of the facility of exchange of SBNs (specified bank notes) at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself by email. Banks should make arrangements to gather the information from all its branches accordingly,” the RBI said.

1 Comment on Daily withdrawal limit at ATM’s raised

  1. Aditya Kapoor // December 31, 2016 at 5:51 pm // Reply

    Good, Keep it up..

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