In a major relief to the citizens, the Reserve Bank of India on Monday increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now.
The weekly withdrawal limit for current accounts had been increased from Rs. 50,000 to Rs. 1 lakh.
The notification read: “The notification from The limit on withdrawals from ATMs has been enhanced from the current limit of Rs.4,500/- to Rs.10,000/- per day per card (It will be operative within the existing overall weekly limit). (ii) The limit on withdrawal from current accounts has been enhanced from the current limit of Rs.50,000/- per week to Rs.1,00,000/- per week and it extends to overdraft and cash credit accounts also.”
Since November 8, 2016, when demonetisation was announced by Prime Minister Narendra Modi, people were having a harrowing time withdrawing cash from ATMs. The serpentine queues outside ATMs were a regular sight. However, the lines have now abated for the better and people now have better access to their own cash.