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RBI capped withdrawals from Jan Dhan Accounts at 10000 rs per month

New Delhi, Wed, 30 Nov 2016 NI Wire

Due to big deposits in Jan Dhan Accounts after Prime Minister Narendra Modi declared old 500 and 1000 rs notes invalid the Reserve Bank Of India has now created monthly withdrawal limit in such bank accounts. RBI yesterday announced that only rs 10000 can be withdrawn from Jan Dhan Accounts in one month. It further stated that the Bank Managers can allow withdrawal of more than 10000 in special cases.

The RBI said these steps are taken to protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojna from money launderers. In first two weeks of demonetisation the total balance in the accounts under Pradhan Mantri Jan Dhan Yojna rose to about 72000 crore. Since its launch in August 2014 these accounts generated only 27000 crore till December 2015.

There are more than 25 crore Jan Dhan Accounts and its tough for government to look after each accounts. But government has issued an advisory to report any deposit of more than 2.5 lakh rs in these accounts. West Bengal and Karnataka has seen highest number of deposits in Jan Dhan Accounts after Demonetisation.


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