In a much needed relief, The Reserve Bank of India announced on Wednesday that it will lift all cash withdrawal limits from ATMs from March 13 onwards.
Cash withdrawal limit from savings bank accounts will be relaxed to 50,000 rupees 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 Tuesday.
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.
The RBI said currency in circulation was worth Rs. 9.92 lakh crore as on January 27.