RBI withdraws ATM cash limit from Feb 01

The Reserve Bank of India (RBI) on Monday said that the daily and weekly limits imposed on ATM withdrawals will stand cancelled from February 1.

RBI said, the limit placed on cash withdrawal from Current accounts/ Cash credit accounts/ Overdraft accounts has been scrapped with immediate effect.

While ATM cash withdrawal limit will be ending from February 01, 2017. However, banks at their discretion can have their own operating limits as was the case before November 08, 2016, stated RBI. 

In case of cash withdrawal from savings accounts, limits will continue for the time being.

Further, RBI has asked banks to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.

On November 08, PM Modi-led panel had decided withdrawal of legal tender character of SBN namely Rs 500 notes and Rs 1000 notes in a move to clear black money and terror financing. 

Since then RBI has been revising the withdrawal limit on current account, savings account and ATMs.