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Demonetization Update: ATM withdrawal limit increased to Rs. 10,000

Currency demonitization

The Reserve Bank of India today announced latest update on the demonetization today and revised ATM withdrawal limit to Rs. 10,000 per day. The weekly ATM/bank withdrawal limit stills remained unchanged Rs. 24,000. The withdrawal limits for current accounts are also increased to Rs. 1,00,000 from previous limit of Rs. 50,000. The revised ATM withdrawal limits brings a much needed relief to the farmers and small traders who depend heavily on the cash. This is the third revision of the ATM withdrawal limits since 8th November note-ban. It was Rs. 4,500 to start with and then reduced to Rs. 2,000 till 30th December and again revised back to Rs. 4,500 till today and now on it will be finally Rs. 10,000 per day.  This was done to make that the cash is available to everyone during the first 50 days of the demonetization. The RBI and the government of India took the stock of the situation before this decision is taken. The recent government efforts such as alternate methods for payments and transfers such as BHIM app, AEPS and digital wallets also eased the situation.

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