The Reserve Bank of India (RBI) issued a circular declaring that there would be no withdrawal limits on ATM transactions from 1 February 2017.
The RBI stated that:
- Limits on cash withdrawals from current accounts/cash credit accounts/overdraft accounts stand withdrawn with immediate effect.
- The limits on Savings Bank accounts will continue for now.
- However, banks may have their own operating limits as was the case before November 8, 2016 – which was the date the note demonetisation took effect.
- The RBI encouraged banks to push for digitisation of payments.