RBI limits cash withdrawals from Jan Dhan Accounts:
The Reserve Bank of India (RBI) has decided to limit cash withdrawals from Jan Dhan accounts at Rs. 10,000 per month to avoid misuse. While full KYC-compliant account holders can withdraw Rs. 10,000 in a month, partial KYC-compliant account holders can withdraw only Rs. 5,000.
Following the withdrawal of Rs.500 and Rs.1,000 denomination currency notes, regular account holders are allowed to withdraw Rs. 24,000 per week.
Motive behind restricting the withdrawals:
There has been a surge of deposits in Jan Dhan accounts following the withdrawal which came into effect from the midnight of November 9. To protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, limit has been placed.