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RBI lifts restrictions on current account, ATM withdrawals

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RBI lifts restrictions on current account, ATM withdrawals

Reserve Bank of India lifted the current account withdrawal limits, effective immediately.

The central bank also lifted cash withdrawal limits from ATMs, effective Feb. 1. Banks, however, are allowed to keep their own limits on ATM withdrawals, the regulator said Jan. 30.

For savings accounts, the overall limit remains at 24,000 rupees per week, a cap still under consideration.

The regulator had raised the withdrawal limit for current accounts to 100,000 rupees per week from 50,000 rupees per week earlier in January. At the same time, the limit on withdrawals from ATMs was raised to 10,000 rupees per day from 4,500 rupees per day.

As of Jan. 30, US$1 was equivalent to 67.79 Indian rupees.