RBI May Review Cash Withdrawal Limit This Week


New Delhi: The Reserve Bank of India has been expected to review cash withdrawals limit this week, under which the current account limit of Rs. 50,000 per week and Rs. 24,000 from savings account might be increased.

As per sources in the RBI, the current account limitations per week, which had been put in place after demonetisation is expected to increase.

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In addition the savings account limits are also expected to be raised; the savings account limit is expected to increase from Rs. 24,000 to almost Rs. 35,000. However, it is not yet known when the withdrawal limit will be completely removed.

Earlier, the ATM withdrawal limit was also increased from Rs. 2,500 to Rs. 4,500, to help people cope with the constant cash crunch observed after the government’s demonetisation move.

A slew of limitations were imposed post demonetisation, which according to the government was a move to cripple black money circulation and stop terror funding.

While the effect of the cash crunch was felt severely during the first fifty days, the situation has been improving significantly and the government is slowly restoring normalcy by removing all imposed limits on transactions.