RBI Cash Withdrawal Limit Increased| Withdrawal Limit is Rs 10000

RBI Cash Withdrawal Limit Increased

On Monday, the Reserve Bank of India declared that from now the withdrawal limits from ATMs will be extended to Rs 10,000 per day per card from Rs 4,500. RBI Cash Withdrawal Limit Increased is surely good news for the people who are suffering from the drawbacks of demonetization. The limit on withdrawal from current accounts is also increased by RBI from Rs. 50,000 to Rs. 100,000 per week. It will save everyone’s time in extracting handful amount from ATM.

However, since the central bank did not give any account on printing notes or notes supply, cash shortage problems can be encountered by the people. After the demonetization of old currency notes of Rs 500 and Rs 1000 on 9 November, limit was imposed on the withdrawal of money from ATMs and Banks as the new currency notes were falling short. Now it seems like the situation is handled by the government and they are now with their new schemes to give relief to the people.

RBI Cash Withdrawal Limit Increased

Statement of Central Bank

“The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card. It will be operative within the existing overall weekly limit.”

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According to the Reserve Bank of India

“On a review of the limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:

(i) The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to Rs.10,000/- per day per card (It will be operational within the existing overall weekly limit).

(ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs.50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also,”

After the government announced a ban on high currency notes of Rs 500 and Rs 1000. The limit was imposed to withdraw money from ATMs and Banks. As a result, long queues were encountered before banks and ATMs. The government seems to seek out this problem with its new withdrawal limit.

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Shyam Srinivasan (MD of Federal Bank) said in an interview with CNBC-TV18 after the declaration of RBI’s notification that, “It is a welcome move.” According to Shyam, these days his bank does not encounter any queue. He is expecting that 75% normalcy will be return in cash circulation by the end of this month i.e., 31 January.

Shyam Srinivasan also said, “Cash availability has improved materially but of course supply of Rs 500 notes could be improved,” The RBI had increased the withdrawal limit last on 1 January to Rs 4,500 per day from Rs 2,500 earlier.

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