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Withdrawal limits on current accounts removed by RBI

Withdrawal limits on current accounts, cash credit accounts, and overdraft accounts have been removed completely by the Reserve Bank of India (RBI). However, current limits on savings accounts still continue and the RBI will be looking into removing the limits in the near future, the notification read. Following demonetization of Rs 500 and Rs 1000 notes, the RBI placed limits on how much cash could be withdrawn. Earlier this month, the limit on withdrawal from current accounts was enhanced from Rs 50,000 per week to Rs 1,00,000 per week and it extends to overdraft and cash credit accounts also. In addition, the RBI also said that cash withdrawals limits from ATMs will be withdrawn from February 01, 2017. "However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016," the notification read. Right…

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