RBI removes cash withdrawal limits on current a/c; maintains weekly cap of Rs 24000 on saving a/c

Mumbai, Jan 31 (KNN) The Reserve Bank of India (RBI) has removed the cash withdrawal limit from current accounts, cash credit accounts and overdrafts, with immediate effect. However, the weekly cap of Rs 24,000 has been retained on withdrawals from savings accounts.

On a review of the pace of remonitisation, it has been decided to partially restore status quo ante, said RBI.

The cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.

The limits placed on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts also stand withdrawn with immediate effect, the RBI has said.

The central bank has said that the banks may at their discretion have their own operating limits.

It further said that banks have been "urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode."