The Reserve Bank of India (RBI) will remove limits placed on daily cash withdrawals from automated teller machines from Feb. 1 and will also lift all curbs on branch withdrawals from current account, cash credit and overdraft accounts with immediate effect, it said in a circular on Monday.
The RBI, however, allowed banks to use their “discretion” in placing their own daily cash withdrawal limits at ATMs, as was the case prior to Nov. 8, when the government had announced its move to abolish all high-value notes that accounted for 86 percent of the bills in circulation.
Cash withdrawal limits for over-the-counter savings bank accounts which currently stand at 24,000 rupees ($353.28) a week may be withdrawn in the near future, the RBI said.
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