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RBI increases weekly cash withdrawal limit to Rs 50,000

Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace of remonetisation.

February 20, 2017 / 06:23 PM IST

The Reserve Bank of India on Monday increased the weekly limit on withdrawal of cash from savings bank accounts to Rs 50,000.

The limit will be removed from March 13.

Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace of remonetisation.

Cash withdrawal limits have been in place since November 8, 2016 following the Narendra Modi-led central government decision to demonetise Rs 500 and 1000 notes.

Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.