RBI raises daily withdrawal limit from ATMs to Rs 10000
As per various estimates, more than 50% of the demonetized currencies have returned back to the system. This means that cash is not being hoarded anymore, and the markets are circulating currencies like before.
Signaling ease of demonetization troubles, RBI has now increased daily ATM withdrawals to Rs 10,000 per day. Right now, the limit is Rs 4500 per day, per ATM.
Meanwhile, extending the same to cash withdrawals from bank counters, current account holders can now withdraw up to Rs 1 lakh as cash, per week. Right now, the cap for current account holders is Rs 50,000 per week.
And, as per reports, cash withdrawal from bank counters for saving accounts holders will be soon increased to Rs 40,000 per week, up from Rs 24,000 which is the limit now.
This relaxation from RBI regarding cash withdrawals from ATM and bank counters came as the supply of Rs 500 has now more or less stabilized, across the nation.
Free ATM Withdrawals Can Be Limited To 3/Month!
Meanwhile, in order to discourage cash usage, Govt. is right now considering a proposal from RBI, which will limit free ATM withdrawals to only 3 per month. As per the new proposal, it wouldn’t matter whether the debit card is being used in the same bank’s ATM or any other bank’s: Only 3 withdrawals would be henceforth allowed.