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RBI relaxes ATM daily withdrawal limit to Rs.4,500 from Rs.2,500

IANS | Mumbai |

Following expiry of the deadline to deposit demonetised currency in banks, the RBI on Friday relaxed the daily ATM withdrawal limit to Rs.4,500 from the earlier cap of Rs.2,500, with this facility, to be effective from January 1, coming as a new year gift to citizens.

"On a review of the position, the daily limit of withdrawal from ATMs has been increased with effect from January 1, 2017, from the existing Rs.2,500 to Rs.4,500 per day per card," the Reserve Bank of India said in a notification issued late on Friday.

The RBI further said "there is no change in weekly withdrawal limits", which remains at Rs.24,000.

The central bank also asked banks to ensure that disbursals on ATMs should predominantly be in the denomination of Rs.500.

As per data released by the RBI on December 21, it has supplied currency amounting to Rs.5.92 lakh crore till December 19, as against the Rs.15.4 lakh crore pulled out of the system through the demonetisation of high-value currency announced on November 8.