The Reserve Bank of India has today clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need. The cash withdrawal limit of ₹ 24,000 per week is not applicable to withdrawal of cash by a DCCB from its account with any other bank.
Alpana Killawala
Principal Adviser
Press Release : 2016-2017/1198
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Notification No : 2016-2017/1198Published in Community & General