Latest News! RBI removes withdrawal limit of cash from bank deposits Demonetization

Late Monday The Reserve Bank of India (RBI) issued a notification a relaxation on the withdrawal limit of deposits from bank deposit accounts and ATMs on or after November 29. New Rs 2,000 and Rs 500 will be issued for such withdrawals. The RBI, however, didn’t specify the revised cash withdrawal limit.


However, RBI didn’t specify the revised cash withdrawal limit.

RBI said in a statement on it’s Website:

Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore).

They have also reported that the public have withdrawn, during this period, ₹ 2,16,617 crore from their accounts either over the counter or through ATMs.