RBI to remove all cash withdrawal limits from March 13
The Reserve Bank of India (RBI) said it would remove the cash withdrawal limit from automated teller machines (ATMs) and savings accounts from March 13.
Cash withdrawal limit from savings bank accounts will be relaxed to 50,000 rupees ($743.27) a week between Feb. 28 and March 13, after which it will be removed, RBI Deputy Governor R. Gandhi said after the monetary policy meeting on Wednesday.
The RBI had imposed these limits in November after the government announced a ban on old high-value currency notes, and began to replace them with new notes.
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The Reserve Bank of India is the central banking system of India. It controls the monetary policy of the rupee as well as currency reserves in India. The firm regulates the issue of banknotes, maintain reserves with a view to securing monetary stability and and operate the credit and currency system of the country. The company was founded in 1935 and is based in Mumbai, Maharashtra.
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