No limit on cash withdrawal from Savings Accounts from March 13: RBI

Mumbai, Feb 8 (KNN) The Reserve Bank of India (RBI) today said there would be no limit on cash withdrawal from Savings Accounts from March 13, 2017.

RBI deputy governor R Gandhi said from February 20, cash withdrawal limit from savings account will be RS 50,000 per week. From March 13, no limit on cash withdrawals from savings bank accounts.

RBI revealed notes in circulation as on January 27 was Rs 9.91 lakh crore. Fake notes are not a real concern currently, says RBI's Gandhi

He said while reviewing the Sixth Bi-monthly Monetary Policy.

This is RBI's second monetary policy review after demonetisation of old Rs 500 and Rs 1,000 currency notes.

The 6-member Monetary Policy Committee, headed by RBI Governor Urjit Patel, kept the repo rate or the short term rate at which central bank lends to banks unchanged at 6.25 percent and reverse repo rate at 5.75 percent.

RBI Governor Urijit Patel said assessing economic conditions for short term is difficult due to demonetisation. (KNN Bureau)