The Reserve Bank of India or RBI today said it will expel checks on day by day money withdrawals from ATMs or robotized teller machines from Wednesday, February 1. It has likewise lifted with prompt impact, it stated, confinements on withdrawal from current records, money credit records and overdraft accounts. Restricts on pulling back money from funds financial balances would however proceed for the time being and are “under thought for withdrawal sooner rather than later,” the national bank said.
This implies from Wednesday, bank accounts holders will never again be limited to pulling back just 10,000 rupees in a solitary exchange from ATMs. They will have the capacity to pull back Rs. 24,000 at one go, but since controls on investment accounts haven’t been lifted yet, they can’t pull back any more cash all that week from that point.
The RBI today said it was permitting banks to utilize their “caution” in setting their own day by day money withdrawal limits at ATMs, just like the case before November 8,
Withdrawal of cash from ledgers was controlled in the midst of a huge money crunch that took after Prime Minister Narendra Modi’s sudden declaration on November 8 a year ago rejecting 500 and 1000 rupee notes.
The move, went for taking out debasement and dark cash took out 86 for every penny of the trade out course at the time or around 15.44 lakh crore. The RBI has sid it is printing new money at break neck speed to beat the lack of money.
The RBI boss Urjit Patel recently told a parliamentary board that the national bank has issued Rs. 9.2 lakh crore of new money, along these lines supplanting 60 for each penny of demonetised cash.
The RBI had at first set a money withdrawal cutoff of Rs. 50,000 from current records which was later expanded to Rs. 100,000 a day.