Withdrawal limits of ATMs and Current Accounts
RBI in its circular no, RBI/2016-17/213/DCM (Plg) No.2559/10.27.00/2016-17 dated January 16, 2017, announced that; The withdrawal limits of cash from ATMs is increased to Rs 10000/- per day per card from the current limit of ₹ 4,500/-.(It will be operative within the existing overall weekly limit of Rs.24000/-). The withdrawal limits from current accounts is…
Read articleRBI instructs to Chests to allocate 40% cash supply for rural areas
In view of cash supply to rural areas at present are not commensurate with the requirements of rural populations, RBI advised banks to take steps to ensure that at least 40% banknotes are supplied to rural areas. In terms of RBI notifications the Banks, that all Chests operating in a district level should augment the…
Read articleGrace period for exchange of defunct Rs.500/-& Rs.1000/- notes
The Reserve Bank of India has introduced a facility of exchange now defunct Rs.500/-& Rs.1000/- notes to those who were abroad during November 9, 2016, to December 30, 2016. In terms of RBI circular dated December 31, 2016; the following categories of individuals can exchange defunct Rs.500/-& Rs.1000/- notes with effect from January 2, 2017.…
Read articleRelaxation in daily Cash withdrawal limits from ATMs
RBI vide its circular no.DCM (Plg) No. 2142/10.27.00/2016-17 dated 30.12.2016 reviewed daily Cash withdrawal limits from ATMs with effect from January 01, 2017. The new limit for cash withdrawal is enhanced from the existing ₹ 2500/- to ₹ 4500/- per day per card.There is no change in weekly withdrawal limits.Such disbursals should predominantly be in…
Read articleAll India Bank Holidays 2017
(The list of holidays and festivals in Indian for all states/UTs of India during 2017) Indian bank holidays are declared under explanation to section 25 of the Negotiable Instrument Act 1881. These holidays are declared separately by each administration of various Union Territories and State Governments. Bank holidays declared by a state/UT is observed only…
RBI buckles again, changes rules for depositing SBNs (demonetized Rs.500/- & Rs.1000/-) into bank accounts
Today (21/12/2016), Reserve Bank modified its circular DCM (Plg) No. 1859/10.27.00/2016-17 dated December 19, 2016. In terms of the modification to said circular the provisions of sub para (i) and (ii) will not apply to fully KYC compliant accounts. Hence the bank officials and the general public are greatly relieved from the exclusion of following…
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