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Limits on cash withdrawals from savings bank accounts relaxed

Limits on cash withdrawals from savings bank accounts have been enhanced to Rs 50,000 per week from the earlier Rs 24,000, the Reserve Bank of India (RBI) said in a notification. It added that from March 13, that there will be no limits on cash withdrawals from savings bank accounts. On November 8, the government demonetized of Rs 500 and Rs 1000 notes which accounted for around 86% of the currency in circulation. The RBI has been slowly remonetizing the economy to current levels. Last month, withdrawal limits on current accounts, cash credit accounts, and overdraft accounts were been removed completely. The RBI also said that cash withdrawals limits from ATMs will be withdrawn from February 01, 2017.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,” it added. Note that…

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