Saving Bank Accounts: RBI revokes capping on cash withdrawal

Posted on by Saurav Khanduri

Saving Bank Accounts:  The Reserve Bank of India has revoked capping on cash withdraws from saving account which was imposed on November 8, 2016, demonetization of Rs 500 and Rs 1000 notes. The move of RBI has come after around four months since the Prime Minister first announced demonetization of high-value notes.

Saving Bank Accounts: RBI revokes capping on cash withdrawal

Saving Bank Accounts: RBI had imposed restriction on daily cash withdrawal from ATMs

Earlier, the RBI had removed all controls on branch withdrawals from the current account, cash credit and over draft on January 30 and limit imposed on daily cash withdrawal from ATMs from February 1. But, the RBI had then decided to keep the weekly withdrawal limit of Rs 24,000 on saving account despite the Election commission writing to the central bank to ease the weekly limits for candidates contesting the assembly polls.

The RBI eradicated restriction in two stages. It first permitted cash withdrawal up to  Rs 50,00 from saving bank account from February 20 and then lifted all restriction on cash withdrawals from March 13.

Saving Bank Accounts: RBI revokes capping on cash withdrawal

RBI is still compiling the data on the old notes, Says SS Mundra

“We are still compiling the data on the old notes. There are 4,000 currency chests in India, apart from this, the RBI keeps the currency in 19 other places. The currency travels between these chests and the RBI. After December 30, the RBI had asked all the banks to compile the data on these old currencies and the RBI team has also finished checking that data on a sample basis. The process of reconciliation of the accounts is on. We hope that this will get over in some time,” RBI deputy governor SS Mundra had said on February 7.

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