No limit on cash withdrawal from savings bank accounts starting March 13: RBI

RBI ensured that it is difficult to copy the new notes of Rs.2000 and Rs.500 and the ones being found are photo copied.

In in a big relief after the cash crunch, Reserve Bank of India on February 8 announced that there will be no limit on cash withdrawal from savings bank account from March 13. The limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages, with the limit slated to go up to Rs,50,000 per account from February 20, and to go altogether from March 13.

RBI Deputy Governor R Gandhi said, “From February 20, cash withdrawal limit from savings account will be RS 50,000 per week and from March 13, there will be no limit on cash withdrawals from savings bank accounts.”

Meanwhile, repo rate and reverse repo rate remains unchanged at 6.25 percent and 5.75 percent respectively. Reserve Bank of India Governor, Urjit R Patel while addressing the media following the sixth bi-monthly monetary policy said, expected growth is 6.9 percent for 2016-17 fiscal year ending in the month of March and the expected growth is 7.4 percent for 2017-18 fiscal year.

On the new currency notes, RBI ensured that it is difficult to copy the new notes of Rs.2000 and Rs.500 and the ones being found are photo copied.

Deputy Governor RBI, SS Mundra assured on behalf of the central bank that India’s banking system is robust,and to say that there are flaws because of few incidents is wrong. As of January 27th Total 9.92 lakh crore rupees of total currency including new notes of 500 & 2000 is in circulation.

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