No Cash Withdrawal Limit From Current Accounts From February 1, Announces RBI

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:

1. Limits on cash withdrawals from current accounts/cash credit accounts/overdraft accounts stand withdrawn with immediate effect.
2. The limits on Savings Bank accounts will continue for now.
3. 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.
4. The RBI encouraged banks to push for digitisation of payments.