RBI to soon take call on lifting weekly withdrawal limit from savings A/c

Shaktikanta Das has said that the remonetisation exercise is nearly complete.

New Delhi: Economic Affairs Secretary Shaktikanta Das on Friday said that Reserve Bank of India (RBI) will soon take call on lifting weekly withdrawal limit from savings account.

“RBI will soon decide on lifting weekly withdrawal limit. Only few withdraw Rs 24,000 per week or Rs 96,000 per month from savings bank account,” Das said.

Das said the remonetisation process has reached near completion in less than 90 days of announcement of the demonetisation by the Prime Minister on November 8.

"In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the remonetisation has been completed," he said.

In a big relief to people and small businesses, RBI has announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts effective from February 1 but the weekly limit of Rs 24,000 on savings bank accounts will continue.

The Reserve Bank had promised to review the weekly limit in the near future depending on the pace of remonetisation.

Banks, however, have been asked to fix their own limits, as has been the case before November 8, 2016, the day government scrapped high denomination currency notes of Rs 500 and 1,000.