LATEST NEWS – Further relaxing the rules for cash withdrawal from automated teller machines (ATMs), the Reserve Bank on Monday raised the cap from Rs 4,500 a day to Rs 10,000 for each card, but within the existing weekly limit of Rs 24,000 per week, with immediate effect.
Besides, current account holders can now withdraw up to Rs 1 lakh per week. Earlier, they were allowed to withdraw only up to Rs 50,000 in cash in a week. This facility has been extended to overdraft and cash credit accounts as well.
Already the cash availability has improved vastly in cash vending machines as more new notes are getting released in the system, but the weekly limit persists. The enhanced withdrawal limit, will help banks to bring down the transaction cost, which has now been waived off by the central bank till March. READ MORE