Withdrawals from Jan Dhan a/cs to be limited to Rs 10,000 per month: RBI
RBI said these restrictions were being imposed to protect innocent farmers and rural account holders of Jan Dhan Yojana.
Mumbai: The Reserve Bank of India on Wednesday announced that withdrawals from Jan Dhan accounts would be capped at Rs 10,000 per month.
In a press release, the central bank said that fully KYC compliant holders may withdraw Rs 10,000 from their account every month. The branch managers may allow further withdrawals beyond Rs 10,000 with ‘current applicable limits’ only by ascertaining the genuineness of such withdrawals and after documentation.
Furthermore, limited or non-KYC compliant account holders may withdraw Rs 5000 per month from the amount deposited through SBNs after November 9, 2016, with a ceiling of Rs 10,000.
The RBI said these restrictions were being imposed to ‘protect the innocent farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) from activities of money launderers and legal consequences under Benami transaction laws.