Completely removing the restrictions put by demonetization, Reserve Bank of India, on Wednesday announced that there will be no withdrawing limit from Savings accounts from March 13. The change will however take place in two phases, which will allow the account holders to withdraw INR 50,000 per week from February 20.
The withdrawal limits were put on savings bank accounts right after the demonetization move was announced by prime minister Narendra Modi. The limit was hiked in phases, however, a lot of people still complaint about a limit on the bank account as it was affecting their day-today activities. A few days back, RBI had announced that it was the last phase of demonetization and the limits would go away soon.
The announcement came at the post-monetary policy media interaction. Along with the upliftment of withdrawal limits, the bank also announced that the key repo rates will remain unchanged at 6.25%. The repo rate remained unchanged for straight second policy outing. Following which, NSE and BSE showed small dip in the numbers.