Demonetisation: RBI restricts withdrawal from Jan Dhan accounts up to Rs 10,000 per month

Demonetisation: Rs 10,000 withdrawal allowed from Jan Dhan account in a month

Zee Media Bureau

New Delhi:  In a bid to check the misuse of Jan Dhan accounts by black money hoarders, Reserve Bank of India (RBI) has restricted the withdrawal from such accounts to Rs 10,000 per month.

Fully KYC-complaint Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non KYC compliant account holders can withdraw Rs 5,000 per month. However, further withdrawals may be allowed within current applicable limits after ascertaining the genuineness of such withdrawals, the RBI said.

It, however, said branch managers may allow further withdrawals beyond Rs 10,000 a month within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank's record.

With regard to deposits, Jan Dhan account holders have a limit of Rs 50,000.

Ever since Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes will no longer remain legal tender, there have been a lot of suspicious activity on tens of thousands of Jan Dhan accounts in the country.

As on November 16, 25.58 crore accounts with aggregate deposits of Rs 64,252.15 crore have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country.

Leading the pack of states, Uttar Pradesh has the highest number of account holders to the tune of 3.79 crore and therefore highest deposits of Rs 10,670.62 crore. It is followed by West Bengal with 2.44 accounts and deposits of Rs 7,826.44 crore.

Rajasthan comes at the third spot with 1.89 crore accounts and the deposit in these accounts totals to Rs 5,345.57 crore while Bihar with 2.62 crore accounts have deposits of Rs 4,912.79 crore as of November 16.