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RBI places withdrawal limits on Jan Dhan accounts

In view of a large number of reports of money laundering through Jan Dhan Yojana bank accounts, the Reserve Bank of India (RBI) has placed withdrawal limits. Fully KYC compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 in a month while limited or non KYC compliant account holders may be allowed to withdraw Rs 5,000 per month. The RBI added that branch managers may allow withdrawals beyond Rs 10,000 within the current applicable limits (Rs 24,000 per week) only after ascertaining the genuineness of such withdrawals and duly documenting the reasons on the bank’s record. The balance held in Jan Dhan accounts has shot up following the demonetization of Rs 1000 and Rs 500 notes. For the week ended November 23, Jan Dhan accounts held Rs 72,834.72 crore from Rs 64,252.156 crore from the week ended November 16.  The demonetization drive…

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