RBI increases weekly withdrawal limit for savings accounts to Rs 50,000 with effect from Feb 20

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Post demonetisation, RBI have modified cash withdrawal limit several times to bring normalcy in financial system across the country.

Following this, on Wednesday, Reserve Bank of India announced that the weekly cash withdrawal limit from a savings account will be increased to Rs 50,000 instead of Rs 24000 from February 20.

RBI also revealed that there will be no withdrawal limit from mid-March 2017.

Last month, RBI had raised the weekly withdrawal limit of Rs 24,000 on saving bank accounts to curb the cash crunch.

Meanwhile, the central bank kept its repo rate unchanged at 6.25 per cent. RBI cut economic growth forecast to 6.9 percent for the current fiscal 7.1 per cent estimated earlier but claimed that the economy will hike up to 7.4 percent in next fiscal year.

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