You Can Now Withdraw As Much As You Like From ATMs Because RBI Has Removed All Limits

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5:22 pm 13 Mar, 2017


As per the Reserve Bank of India (RBI) decision taken in February, all limits for withdrawal of money from ATMs ended on Monday, March 13.

 

Express Photo by Arul Horizon

In February the RBI had raised the weekly withdrawal limit per account to Rs.50,000 from Rs.24,000.

The RBI had said that it was awaiting the impact of demonetization on the country, which later turned out to be positive and nowhere near the dystopian picture that was drawn by some economists and the Opposition.

The RBI had on January 30 removed limits imposed on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts. It had then said that limits on savings bank account will remain till a decision is taken.


On November 8, 2016 the Modi government had launched the demonetization drive in which it scrapped the Rs.500 and Rs.1000 notes.

 

Starting with just Rs.2500, the RBI periodically raised the withdrawal limit from ATMs. With this the entire demonetization drive is now over.

Yet despite the removal of the limit, cash might still be in short supply in the ATMs. When the RBI had withdrawn the limit from current accounts, it had said that the banks can impose their own limits to serve as many customers as possible with the limited cash.

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