RBI to Remove Withdrawal Limits on Savings Account From 13th March :- On Wednesday, the Reserve Bank of India said that it is going to remove the withdrawal limit on savings account and ATMs 13th March 2017. The cash withdrawal limit is held and only 24 thousand can be withdrawn per week until 19th February 2017. From 20th February, one can withdraw Rs 50000 from the savings account.
RBI also announced that the cash withdrawal limit from savings bank account will be increased to Rs. 50, 000 from 20th February to 13th March 2017.
The Deputy Governor of RBI – R Gandhi said that the limits on cash withdrawal from savings bank accounts continue to be in place. In line with the pace of remonetization, it has now been decided to remove these limits in two stages.
In the process of remonetization, Rs 6.78 lakh crore returned to the banks between November 10 and January 13, making the total currency in circulation to Rs 9.1 lakh crore.
It has been really tough for the people when Modi government suddenly announced the surgical strike on the black notes to address the corruption and black money in the country.
RBI has been gradually working towards shutting down the withdrawal limits placed after the note ban. It is slowing working on remonetisation process and on On January 30, it has hiked the withdrawal up to Rs. 24, 000 from a savings account. Again the relaxation on the withdrawal was raised to Rs, 10, 000 per day from Rs. 4, 500 from January 16.