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Central Bank limits withdrawal from Jan Dhan accounts to Rs 10000 in a month

New Delhi: On Wednesday, the RBI said that fully KYC-compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non-KYC compliant account holders can withdraw only Rs 5,000 per month. Jan Dhan Accounts holders can deposit only Rs. 50,000.

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Further the RBI said that Branch managers may allow withdrawal beyond Rs 10,000 a month within the current applicable limits only after ascertaining the genuineness of such withdrawals.

After the demonetisation of note of Rs 500 and Rs 1000, the cash deposit in the Jan Dhan suddenly rise, in many cases to the extent of Rs 49,000. Mainly in rural areas,  the people who had zero balance till the announcement of demonetisation of currency notes, have been witnessing sudden rise in deposits.

In the wake of sudden rise in deposits in Jan Dhan accounts, the government suspects that black money hoarders are using the farmers and other people’s Jan Dhan accounts to deposit their black money to safely convert into white.

After the demonetisation of high value currency notes, deposits in Jan Dhan accounts surged sharply by around Rs 27,200 crore in just 14 days. Total deposits in 25.68 crore Jan Dhan accounts crossed Rs 70,000 crore mark and were at Rs 72,834.72 crore on 23rd November. As of 9th November, total deposits in these accounts were Rs 45,636.61 crore.

But, 22.94% of 25.68 crore accounts still have zero balance.

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