DCM (Plg) No. 2905/10.27.00/2016-17
The Chairman / Managing Director
/ Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks,
Regional Rural Banks / Urban Co-operative Banks,
State Co-operative Banks / District Central Co-operative Banks
Limits on Cash withdrawals from
Bank accounts and ATMs - Restoration of status quo ante
Please refer to our circular DCM (Plg)
No.1226/10.27.00/2016-17 dated November 08, 2016 placing limits
on Cash withdrawals from bank accounts and ATMs in the wake of withdrawal
of Legal Tender Character of Specified Bank Notes (SBN) and subsequent circulars DCM (Plg) Nos.1256, 1274, 1317, 1437, 2142 and 2559 dated November 11,
14, 21, 28, December 30, 2016 and
January 16, 2017 respectively, providing for relief and relaxations
2. On a review of the pace of
remonitisation, it has been decided to partially restore status quo ante as under:
placed vide the circulars cited above on cash withdrawals from Current
accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with
limits on Savings Bank accounts will continue for the present and are under
consideration for withdrawal in the near future.
vide the circulars cited above placed on cash withdrawals from ATMs stand
withdrawn from February 01, 2017. However, banks may, at their discretion,
have their own operating limits as was the case before November 8, 2016,
subject to 2 (ii) above.
3. Further, banks are urged to
encourage their constituents to sustain the movement towards digitisation
of payments and switching over of payments from cash mode to non-cash mode.
4. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager