No Money Limit On ATM – RBI
Reserve Banks of India lifts ATM PAYOUT limit. No money limit on ATM RBI. The Reserve Bank of India today abrogated the limits placed on cash withdrawals from current accounts/cash credit accounts/overdraft accounts with immediate effect. However, the limits on savings accounts remain, the bank said in a notification interview.
However, it was clarified that the banks at their own discretion may have their own set limits.
Prior to this on 16 January, the RBI had raised the daily ATM withdrawal limit to Rs 10,000. But maintained the weekly call at Rs 24,000.
There was an increase in weekly withdrawal limit from Rs 1 lakh from Rs 50,000.
The move will come as a rainfall in drought for the small traders, who had a Rs 1 lakh per week limit until now. The complete removal of the withdrawal limits for these accounts and ATM’s comes 83 days after the announcement of demonetization.
The central bank and the election commission are fighting over the relaxation of cash withdrawal limits for candidates of the upcoming assembly elections in five states. The poll panel wants the limits to go but the RBI has refused any leniency.
Banks have been urged to encourage digitization of payments and switching over from payments to cash mode to non-cash mode.
AFTER A LONG TIME DEMONETIZATION DRIVE HAS BROUGHT A SMILE ON OUR FACES.
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