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Sunday, January 1, 2017

RBI relaxes ATM withdrawal limit to Rs 4500 from Rs 2500 per day

The Reserve Bank of India on Friday relaxed the daily ATM withdrawal limit to Rs 4500 from the earlier cap of Rs 2500. However, the weekly withdrawal limit of Rs 24,000 remains unchanged even as the 50-day demonetisation exercise comes to a close. 

"On a review of the position, the daily limit of withdrawal from ATMs has been increased with effect from January 01, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card," the banking regulator said in a notification issued late Friday evening. "There is no change in weekly withdrawal limits." 

The Reserve Bank of India has also asked banks to ensure that disbursals on ATMs should predominantly be in the denomination of Rs 500. 

The government and the Reserve Bank of India have maintained that they have stocked enough currency to ensure smooth supply even beyond December. According to numbers released on December 21, the regulator has supplied currency amounting to Rs 5.92 lakh crore till December 19 as against the Rs 15.4 lakh crore pulled out of the system on November 8. 

RBI had also said it had issued a total of 22.6 billion notes of various denominations during the demonetisation process until December 19. Of this, 20.4 billion were Rs 10, Rs 20, Rs 50 and Rs 100 notes while 2.2 billion were Rs 500 and Rs 2,000 notes. 

Source:-The Economic Times

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