The State Bank of India has raised its cap on the amount of cash that cardholders are allowed to withdraw at the nation’s ATMs. The cap on per-transaction withdrawals is now 10,000 rupees ($146.84), raised from the previous limit of 4,500 rupees ($66.07). According to a report by Reuters, the weekly withdrawal limit of 24,000 rupees ($352.42) per card is still in place, however.
The easing of withdrawal limits is an indication that the government believes it is finally getting past the cash crisis that resulted when India abruptly declared in early November that 500 rupee and 1,000 rupee notes would no longer be accepted as legal tender.
It could still be some time before there is enough new currency in circulation that the SBI will be able to confidently lift limits altogether, Reuters said.