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Demonetisation: Cash withdrawal limit increased to Rs 10,000

The government's move to demonetise Rs 500 and Rs 1000 notes had led to immense cash shortage in banks and ATMs across the country. Photograph: (AFP)

WION New Delhi, Delhi, India Jan 16, 2017, 01.05 PM (IST)

The Reserve Bank of India (RBI) increased the daily cash withdrawal limit from Rs 4,500 to Rs 10,000 ($146.84) from ATMs on Monday, effective immediately. 

The central bank also increased the withdrawal limit from current accounts to Rs 100,000 per week from Rs 50,000, and will also include overdraft as well as cash credit accounts. However, the overall weekly withdrawal limit of Rs 24,000 per card will remain the same. 

After demonetisation, the withdrawal limit had been set at Rs 2,500 per day and per card, and was increased to Rs 4,500 on January 1. 

According to analysts, the withdrawal limits are likely to remain in place until the RBI is able to supply a sufficient amount of notes. 

(WION with inputs from Reuters)

 

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