Mumbai: All limits on savings bank cash withdrawals post-demonetisation ended on Monday, as had been announced by the RBI last month.
In a two-stage process, the weekly withdrawal limit per account had been raised to Rs 50,000 from Rs 24,000, with effect from February 20, and all limits on ATM withdrawals were slated to cease from March 13.
The announcement had been made by RBI Deputy Governor R. Gandhi following the fiscal’s last monetary policy review announcement by the central bank in February.
On January 30, the RBI had ended all curbs on withdrawals from current accounts, cash credit accounts and overdraft accounts. The limits were placed following the November 8 demonetisation of Rs 1,000 and Rs 500 notes. The upper limit at ATMs was Rs 2,500 initially and was later raised to Rs 4,500.
In January, the RBI had hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly current account withdrawal limit to Rs 1 lakh.