RBI raises ATM withdrawal limit to Rs 4,500 from Jan 1

December 30, 2016 23:57

The Reserve Bank of India has raised the cash withdrawal limit from ATMs to Rs 4,500 from Rs 2,500.

In a statement late Friday night, the RBI said: "On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 1, 2017, from the existing Rs 2500/- to Rs 4500/- per day per card. There is no change in weekly withdrawal limits. Such disbursals should predominantly be in the denomination of Rs 500."

The decision comes as a surprise as even though queues outside ATMs have reduced over last few weeks, that has not been because the cash shortage issue has been resolved, but because most bank customers have realised that ATMs continue to run dry even one and a half months after the note ban.

Industry experts explain that even though all ATM machines have been recalibrated to dispense new notes, they are running at a fraction of the capacities due to the crunch in currency notes.

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