Sunday , April 30 2017

Withdrawal limit from ATM hiked to Rs 4,500 per day per card from January 1

However, there has been no change in the weekly withdrawal limit, which stands at Rs 24,000.

withdrawal-limit

Mumbai: In a relief to common man, the Reserve Bank tonight stated cash withdrawal limit from ATMs will be increased to Rs 4,500 per day from the current Rs 2,500 from January 1.

Though, there has been no amendment in the weekly withdrawal limit, which stands at Rs 24,000, including from ATM, for individuals (Rs 50,000 in case of small traders).

“On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 1, 2017, from the prevailing Rs 2,500 to Rs 4,500 per day per card,” the central bank stated in a notification.

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Subsequent to demonetization of old Rs 500/1000 notes on November 9, limits had been imposed on withdrawal of cash from banks as well as ATMs. The Reserve Bank’s notification auxiliary stated “there is no change in weekly withdrawal limits” and such disbursals “should mainly be in the denomination of Rs 500”.

Earlier in the day, the RBI had allowed White Label ATM Operators (WLAOs) to source cash from retail outlets.

Most of the White Label ATMs are running dry since demonetization as the operators were facing problems in sourcing cash from their sponsor bank(s).

Today was the last day to deposit the invalid currency notes in banks. However, people still have time to exchange the currency notes at chosen RBI counters till March 31 after providing valid reasons for not depositing defunct notes in their accounts by December 30.

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