ATM Withdrawal Limit Raised From Rs 2,500 to Rs 4,500 From 1 Jan

That’s some relief in the New Year.

People wait outside banks to exchange currency notes in New Delhi. (Photo: IANS)

Following expiry of the deadline to deposit demonetised currency in banks, the Reserve Bank of India (RBI) on Friday relaxed the daily ATM withdrawal limit to Rs 4,500 from the earlier cap of Rs 2,500, with this facility, to be effective from 1 January.

"On a review of the position, the daily limit of withdrawal from ATMs has been increased with effect from 1 January, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card," the RBI said in a notification issued late on Friday. The apex bank further added that the weekly withdrawal limits wouldn’t change – and would remain at Rs 24,000.

The RBI asked banks to ensure that disbursals on ATMs should predominantly be in the denomination of Rs 500.

According to data released by the RBI on 21 December, it has supplied currency amounting to Rs 5.92 lakh crore till 19 December, as against the Rs 15.4 lakh crore pulled out of the system through the demonetisation of high-value currency announced on 8 November.

(With IANS inputs.)

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