RBI raises ATM daily withdrawal limit to Rs4,500

Following the 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 Rs4,500 from the earlier cap of Rs2,500, with this facility, to be effective from January 1, coming as a new year gift to citizens.
“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 Rs2,500 to Rs4,500 per day per card,” the RBI said in a notification issued late on Friday.
The RBI further said “there is no change in weekly withdrawal limits”, which remains at Rs24,000.
The central bank also asked banks to ensure that disbursals on ATMs should predominantly be in the denomination of Rs500.
As per data released by the RBI on December 21, it has supplied currency amounting to Rs5.92 trillion till December 19, as against the Rs15.4 trillion pulled out of the system through the demonetisation of high-value currency announced on November 8.

Source :Gulfnews