Reserve Bank Of India (RBI) today has announced uplifting of restrictions on daily withdrawal of money from ATMs and also from current accounts.
The RBI has released a notification on its website-:
â€śOn a review of the pace of remonetization, it has been decided to partially restoreÂ status quo ante. The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future,â€ť
RBI further added-:
â€śHowever, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016. Banks have been urged to encourage their constituents to sustain the movement towards digitization of payments and switching over of payments from cash mode to non-cash mode.â€ť
Interestingly the date of the removal of these limits coincides with the announcement of Budget on February 1.
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