Hyderabad, December 1
The Reserve Bank of India (RBI) limited withdrawals from Jan Dhan accounts to Rs. 10,000 per month, if the account is compliant with know-your-customer (KYC) requirements. Non-KYC compliant account holders are allowed to withdraw Rs. 5,000 per month.
The RBI imposed new restrictions to put a check to the activities of money launderers and benami transactions. This restriction is only temporary which would be lifted some time later.
Those account holders, who want to withdraw more money, will have to explain their urgency to the bank manager. After that the bank managers may allow them to exceed the withdrawal amount using their discretionary powers.
The RBI decision was mooted in the wake of swelling of Jan Dhan accounts with Rs. 49,000 deposits, which have been zero balance for the past few months.