New Delhi, Mar 13: The Reserve Bank of India (RBI) on Monday removed restrictions on cash withdrawals from banks and ATMs. The limits on cash withdrawal were set following Prime Minister Narendra Modi’s demonetisation drive. According to the notification of the RBI, issued on February 8, all restrictions on cash withdrawals from savings bank accounts have been lifted. The RBI had removed cash withdrawal limits from ATMs on February 1.
The RBI on January 30 ended all curbs on withdrawals from Current Accounts, Cash Credit Accounts and Overdraft Accounts. However, the curbs on Savings Bank accounts across the counter remained. On 20 February, the cash withdrawal limit from saving account was increased to Rs 50,000 per week from the earlier Rs 24,000.
The RBI notification had at that time said that “the limits on savings bank cash withdrawals post-demonetisation are to be withdrawn in two stages. Cash withdrawal limit will be increased from Rs 24,000 to Rs 50,000 from February 20. There will be no restrictions on cash withdrawals from March 13.”
The RBI has imposed restrictions on the cash withdrawals from banks and ATMs to stabilise the flow of currencies after Prime Minister Narndra Modi, on November 8, banned the use of high denomination currencies i.e, Rs 500 and Rs 1000 notes. 
In January, the RBI had hiked the daily ATM withdrawal limit to Rs 10,000 and doubled the weekly Current Account withdrawal limit to Rs 1 lakh. The upper limit for weekly withdrawal from bank accounts had been raised to Rs 24,000 from Rs 20,000 in November. While lifting of ATM withdrawal limits represents coming full circle for these machines in respect of demonetisation, the return to normalcy in terms of cash available in them is still awaited, indicating the slow pace of remonetisation.