Moderately fixing the status quo ante, the RBI has taken out limits placed wide on cash withdrawals from current, cash credit and overdraft accounts stand from the instant impact.
The limits on Savings Bank accounts, on the other hand, will keep on for the present and are into account for withdrawal in the near future.
The central bank also has taken out ATM withdrawal limits. “Limits placed on cash withdrawals from ATMs stand.
The RBI had not long ago brought up the ATM withdrawal limit to Rs 10,000 a day but maintained the once a week cap at Rs 24,000 for saving account and Rs 1 lakh for current account owners.
In accordance to SBI’s research report Ecowrap, “By the end of February, 78-88 percent of the currency could be back in the system under the best case scenario in terms of an optimal currency distribution (more small denomination notes),” the report stated, including that “it seems within next 2 months thing.
Banks, even so, can inflict their own limits on withdrawals, the RBI stated.