Withdrawals from Jan Dhan accounts capped at Rs 10000 a month: RBI

The RBI made this decision as a precautionary measure as it was found that several black money hoarders had parked funds in Jan Dhan Yojana accounts.

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New Delhi, Nov 30: The Reserve Bank of India on Wednesday announced that cash withdrawals from Jan Dhan accounts would be capped at Rs 10,000 per month.

Withdrawals from JDY capped at Rs 10000

The RBI made this decision as a precautionary measure as it was found that several black money hoarders had parked funds in Jan Dhan Yojana accounts.

The KYC compliant account holders will be allowed to withdraw Rs 10,000 from their accounts every month. Such account holders would however be allowed to draw more money provided they are able to ascertain the genuineness of such withdrawals with proper documentation.

The RBI also said that non compliant account holders may be allowed to withdraw Rs 5,000 per month from the amount deposited through SBNs within an overall ceiling of Rs 10,000.

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