RBI increases daily ATM withdrawal limit to Rs 10,000


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Reserve Bank on Monday increased ATM withdrawal limit from existing Rs 4,500 to Rs 10,000 per day. This will be operative within the existing overall weekly limit, RBI said.

The central bank also announced enhancement of withdrawal limit from current accounts. Withdrawal limit from the Current Accounts has been hiked to Rs 1,00,000 per week from existing limit of Rs 50,000 per week. It extends to overdraft and cash credit accounts also, the central bank said.

The increase in the withdrawal limit is likely to bring things back to normal after the demonetisation of Rs 500 and Rs 1000 notes caused a severe cash crunch.

Earlier, the government had increased the daily withdrawal limits at ATMs to Rs 4500 from Rs 2500 on 1 January 2017.

The cash shortage had led to long queues at ATMs causing immense hardship for people across the country. The RBI has faced criticism for being unable to dispense enough cash to bring the situation back to normal.