RBI to take call on lifting weekly cash withdrawal limit soon
Currently, there is a Rs 24,000 cap on weekly cash withdrawals.
The Reserve Bank of India will soon take a call on lifting the weekly cash withdrawal limit, Shaktikanta Das, Secretary Economic Affairs, said. An alert about this was tweeted by CNN News18.
Currently a weekly cash withdrawal limit of Rs 24,000 exists in the aftermath of demonetization. Recently, which the daily cash withdrawal limit was hiked from Rs 4,000 to Rs 10,000. The Rs 24,000-weekly limit was left in place.
After the government's November 8 demonetization move, the RBI imposed restrictions on cash withdrawals, starting from as low as Rs 2,000 a day, to ensure that cash was distributed evenly amongst the public at a time when there was a serious crunch.
ATM and bank lines were serpentine and there was widespread confusion. The situation is now normalising in most of the parts of the country with minimal lines and adequate cash flow.