In a big relief to people, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs with effect from Wednesday. and has also withdrawn all limits on Current Accounts and overdraft accounts with immediate effect.

In a circular to the banks, the RBI, however, said the weekly limits of 24 thousand rupees on Savings Bank accounts will continue. It said, it is also considering to withdraw this limit in the near future. The RBI urged all banks to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash to non-cash mode.

Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of currency shortage post- demonetisation. These limits, however, were gradually eased with RBI pumping in new notes of 500 and 2000 rupees. #casansaar (NewsonAir)