RBI hikes ATM cash withdrawal limit to Rs 10,000 per day

The Reserve Bank of India (RBI) on Monday increased the cash withdrawal limits on ATMs and current accounts with immediate effects. 

People can now withdraw from ATMs up to Rs 10,000 per day from their earlier limit of just Rs 4500 per day.

While limit on withdrawal from current accounts have been enhanced to Rs 1,00,000 per week from Rs 50,000 per week. This also extends to overdraft and cash credit accounts too. 

RBI said, "There are no changes in the other conditions and the relaxations as provided in our circular dated November 28,2016, will continue. 

The hike in the cash withdrawal limit also comes ahead of the presentation of the annual budget on February 1. The move may help wane criticism from the opposition parties, sources told Zeebiz.

From the sources it was known, that more than Rs 10 lakh crore new notes have come back in the banking system till now. While the RBI's currency chest had Rs 1 lakh crore. 

On November 08, 2016, the PM Narendra Modi-led panel demonetised high-denomination notes following which the central bank had introduced many cash withdrawal limits on both ATMs and current accounts.