February 8, 2017 / 9:54 AM / 6 months ago

RBI to lift all cash withdrawal limits from March 13

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A man holds 2000 Indian rupees notes as he gets out of a bank in Mumbai, India, November 24, 2016.Danish Siddiqui/Files

MUMBAI (Reuters) - The Reserve Bank of India (RBI) said it would remove the cash withdrawal limit from automated teller machines (ATMs) and savings accounts from March 13.

Cash withdrawal limit from savings bank accounts will be relaxed to 50,000 rupees ($743.27) a week between Feb. 28 and March 13, after which it will be removed, RBI Deputy Governor R. Gandhi said after the monetary policy meeting on Wednesday.

The RBI had imposed these limits in November after the government announced a ban on old high-value currency notes, and began to replace them with new notes.($1 = 67.2700 Indian rupees)

Reporting by Abhirup Roy; Editing by Euan Rocha; Editing by Kim Coghill

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