RBI raises withdrawal limit for current account to Rs 50,000

The Reserve Bank of India on Monday said that current account holders are allowed to withdraw up to Rs 50,000 in a week. Such tenders will be disbursed predominantly in Rs 2,000 denomination , said a circular from the RBI.

The RBI has also said banks could deploy micro-ATMs, Bala Mitras, etc near village panchayat offices, police stations/ police and military outposts, government departments, offices of public sector units, petrol pumps and other similar secure locations.

As it may entail larger volume of cash requirements, banks can enhance the limits of the micro ATMs to at least Rs 50,000 and allow frequent replenishment of cash to them.

For providing exchange, deposit, withdrawal facility to people residing in remote/ unbanked areas, banks may consider using mobile vans.

"Banks should, in a camp mode, open accounts for tea/coffee and other plantation workers, employees of sugar cooperatives, diary firms and such other worker groups with concentrated payment locations so that they may be better served in terms of deposit into accounts and withdrawal therefrom. We reiterate that in order to cope with the increased work load banks may consider hiring retired employees for a short period," said the apex bank.

Banks have to ensure that the customers use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes. If a depositor has a mixed bunch of specified bank notes (SBN) and legal lender notes, he has to segregate them and submit two separate pay-in slips.

"Banks have to put in place, within their core banking solution, a mechanism to maintain a record of receipts of specified bank notes customer-wise and denomination wise whether for exchange or for deposit by way of a flag to facilitate subsequent verification," said the RBI. #casansaar (Times of India)