Now, withdraw Rs 50,000 a week from your savings account

The Reserve Bank of India (RBI) on February 8 had announced its decision to enhance the withdrawal limit on saving accounts from February 20.

Keeping up with the pace of remonetisation, the RBI had said that it has decided to enhance the withdrawal limit on saving accounts in two phases. From February 20, 2017 the limit on cash withdrawal will be enhanced to Rs 50,000 per week and from March 13, 2017, there will not be any limit on cash withdrawals.

Earlier, the central bank had partially restored status quo ante on cash withdrawal limit for current accounts from February 1. The limit on cash withdrawals were brought in by the RBI after Prime Minister Narendra Modi announced demonetisation on November 8, 2016.

RBI said the currency in circulation was worth Rs 9.92 lakh crore as on January 27. The six-member Monetary Policy Committee (MPC) headed by Patel had kept interest rates unchanged at 6.25 per cent for the second straight meeting and changed policy stance to 'neutral' from 'accommodative'.

Reserve Bank of India Governor Urjit Patel also said that India's economic growth will make a "sharp V" recovery following the recall of old Rs 500 and 1,000 currency notes.

Patel also made a strong case for continuing with globalisation even in the face of a potential shift to trade protectionism under US President Donald Trump as India has benefited from open trade.