Daily ATM withdrawal limit increased to Rs 4500

By : 31-Dec-2016
RBI Increases, Daily Withdrawal, Limit, Rs. 4500,

As a measure to quench the increasing desire of the public to be able to withdraw more money from ATMs, the Reserve Bank of India (RBI) has increased the daily withdrawal limit to Rs. 4500, with effect from January 1. Until now, the daily withdrawal limit from ATMs has been up to Rs. 2500.

According to a notification issued by RBI late on Friday, “On a review of the position, the daily limit of withdrawal from ATMs has been increased with effect from January 1, 2017, from the existing Rs 2,500 to Rs 4,500 per day per card.”

However, the notification of the RBI also has mentioned that, there is no change in the weekly withdrawal limits, which currently stands at Rs. 24000.

Through the notification, the RBI also directed the banks to ensure that disbursals in ATMs should predominantly be in new Rs. 500 notes.

According to the data available with RBI on 21 December, until December 19, the total money infused into the system in the form of new notes is valued to be Rs. 5.92 lakh crore. On the contrary, the total amount that has been pulled out of the system through demonetising high end currency notes of Rs. 500 and Rs. 1000 on November 8, is valued to be Rs. 15.4 lakh crore.

On the other hand, the facility to deposit the old scrapped high denomination notes of Rs. 500 and Rs. 1000 into banks has ended on the Friday evening.

Arun Jaitley, the Finance Minister has said in this regard that, now that we have entered into the normalcy with the entire currency in circulation is now legitimate.

Arun Jaitley, told reporters in a statement that, “With effect from tomorrow the entire currency in circulation would be legitimate.” 

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