Customers of Co-op. Banks can withdraw upto Rs. 24,000 per week: RBI Clarification

RBI Clarifies that Customers of Co-op. Banks (DCCBs) can withdraw upto Rs. 24,000 per week

RBI has clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto 24 Nov. 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them.

RBI has accordingly advised all banks to permit need based withdrawal of cash by DCCBs from their accounts. 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.

 RBI Press Release dt. 14 Nov. 2016

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