RBI Raises the Withdrawal Limit from Rs 2000 to Rs 2500 per day

RBI Raises the Withdrawal Limit

Following the chaos at ATMs and Banks and to curb public anger over the demonetization without proper money arrangements, the government announced to up the withdrawal limit from the existing Rs 2000 to Rs 2500 per day in the recalibrated ATMs. The over the bank counter exchange of old currency for new from the existing Rs 4000 is updated to Rs 4500. The weekly withdrawal limit from banks is up to Rs 24,000 from Rs 20000. The Rs 10000 per day limit has been removed, the statement said on Sunday.

Withdrawal limit at ATMs,banks raised

“Banks have been advised to increase the Business Correspondents’ limit to Rs 2,500 for withdrawal from bank accounts, exchange limit over the counter from the existing Rs 4,000 to Rs 4,500 and cash withdrawal limit at ATMs from the existing Rs 2,000 to Rs 2,500 per day in the recalibrated ATMs,” said the finance ministry on Sunday after reviewing the situation, adding that “Instructions have been given to the banks and post offices to ensure proper distribution of all denomination notes. Banks have also been especially advised to ensure the availability and distribution of small denomination notes.”

Banks are advised to keep separate queues for the elderly and senior citizens as well as people with disabilities. Even for Cash Exchange and Bank Account Transactions separate queues will be arranged. For businesses that do not accept demand drafts, cheques and online payment transfer like hospitals, caterers, tent houses etc can be brought to the district administration’s notice for action against these establishments. All banks have also been advised to make arrangements for mobile banking vans as far as possible to carry out emergency transactions for patients at major hospitals. Also, Centre asked chief Secretaries of States to find rural pockets where there is no availability of cash and provide support to banks and post offices to ensure the last-mile distribution of small denominations Banking Correspondents and mobile banking vans.