First published: January 16, 2017, 5:36 PM IST | Updated: 2 mins ago
People standing in a queue to withdraw cash outside a bank (Image: PTI) (Representative Image)
New Delhi: The Reserve Bank of India on Monday raised the cash withdrawal limit from ATMs to Rs 10,000 per day. Earlier, the cap was Rs 4,500. The withdrawals from ATMs, however, will be operative within the existing overall weekly limit of Rs 24,000, a Reserve Bank of India communique said. The central bank also raised the Current Account Withdrawal limit to Rs 1,00,000 from Rs 50,000.
These measures are expected to ease the pressure on the common man who has been reeling under severe cash crunch ever since Prime Minister Narendra Modi declared the old 500 and 1000-rupee notes as illegal tender.
More details are awaited.