Mumbai, Jan 30 : Coming out as a big relief for the common man as well as small businesses ahead of the general budget, Reserve Bank has decided to roll back the restrictions on the daily withdrawal of money from ATMs and current accounts.
In a statement on its website, the central bank said that restrictions on withdrawal of cash from current accounts, cash credit and overdraft accounts have been lifted with immediate effect. Further, limits on cash withdrawals from ATMs will be withdrawn from February 1, 2017. But the bank has not changed the restriction on weekly limit of Rs 24,000 on savings bank accounts.
Earlier post demonetisation, government and RBI had imposed limits on withdrawal of money from ATMs and bank branches. RBI has asked all the banks to work towards the digitisation of payments and switching over of payments from cash mode to non-cash mode.