RBI likely to lift withdrawal limits by February-end
Posted on: 27/Jan/2017 1:03:24 PM
Restrictions were imposed to withdraw money from banks after the demonetisation. The restrictions still continue in withdrawing cash from savings and current account. Restrictions were imposed because there is short supply of cash. A bank official said that the restrictions would be completely eased by the last week of February.
The limit to withdraw cash from ATMs was increased to Rs 10000 but the weekly limit of Rs 24000 for withdrawal from banks is yet to be changed. Current account holders can withdraw cash upto Rs 1 Lakhs per week.
Bank of Maharashtra executive director R.K.Gupta while speaking to the media said: I think the restrictions on withdrawal by RBI should be completely lifted by February-end or by first half of March as the cash situation is easing gradually, It is entirely RBI’s decision and it would decide after making assessment of the situation.
According to SBI’s research report, by the end of February, 78-88 percent of the currency could be back in the system and normalcy will return in the next two months.
Another bank official has mentioned that normalcy will return back in one or two weeks.
Another senior public sector bank official said RBI had been progressively easing the curbs
The RBI had earlier increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 effective January 1, just a day after the 50-day demonetization period ended.
