RBI restricts withdrawal limits on Jan Dhan accounts to Rs 10,000; cites ‘farmer protection’

As per the notification, banks can allow fully KYC compliant account holders to withdraw only Rs 10,000 in a month.

By: Express Web Desk | New Delhi | Updated: November 30, 2016 2:08 pm
reserve bank of india, jan dhan yojana, jan dhan bank accounts, jan dhan account limit, withdrawal limit, jan dhan withdrawal limit, demonetisation news, demonetisation update Reserve Bank of India.

The Reserve Bank of India has put withdrawal limits on bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) which are funded through deposits of Specified Bank Notes (SBNs) after November 9. The notification issued by RBI stated that the limits are being imposed to protect “innocent farmers from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws”.

WATCH VIDEO: Here’s Why RBI Restricted Withdrawal Limits On Jan Dhan Accounts To Rs 10,000

As per the notification, banks can allow fully KYC compliant account holders to withdraw only Rs 10,000 in a month. However, the bank managers can also allow withdrawal of more than Rs 10,000 within ‘current applicable limits’ after ‘ascertaining the genuineness of such withdrawals’.

On the other hand, non KYC compliant account holders are entitled to withdraw only half the amount, ie Rs 5,000, in a month within the ceiling of Rs 10,000.

After the central government announced its demonetisation policy, some reports suggested the black money holders and money launderers were taking advantage of Jan Dhan accounts using them to deposit their unaccounted money by pressuring farmers.

Prime Minister Narendra Modi had launched the Jan Dhan Yojana after he assumed the office aiming to provide banking access to farmers and labourers residing in remotest parts of the country. Lakhs of new accounts have been opened under the scheme.

For all the latest Business News, download Indian Express App

  1. A
    Nov 30, 2016 at 5:16 am
    New rule everyday. Nobody is protecting anybody. Government does not want to return money to their rightful owner. I want to see how long are they going to fool us in the name of safety, security, black money, national importance, poverty etc etc etc. Nothing has changed since 2014 and all the pointers are going down. The government had laundered our faith and now we are losing faith in democracy.
    1. V
      Nov 30, 2016 at 3:18 pm
      Why is TBI acting in a stupid manner? Why cannot a JDY account holder withdraw money deposited before 08NOV2016.? PM himself preened that JDY account holders started depositing in their accounts, before 08NOV? RBI should stop being s and clarify . By the way, RBI never responds to emails sent to their email address, given for public redressal on their site RBI. They join the long line of cheats, by doing so.
      1. A
        Nov 30, 2016 at 10:13 am
        What does feku think? This will not deter black markeyets still. If not withdraw , you can transfer!! And bhakts think its a masterstroke!! The bank managers are themselves aligned to various parties.
        1. D
          Nov 30, 2016 at 12:32 pm
          Good decision. It will stop those who blackmoney from misusing Jan Dhan accounts. It wil increase govt revenue as more people will declare ets under the new scheme which taxes declared income at 50 percent.
          1. B
            Nov 30, 2016 at 9:48 am
            The country is down on its knees due to this benefit-less idiocy of the foolish PM and these additional restrictions only rub salt on the wounds of poor people like me who waste time standing in Qs 3 days a wk. And fake comments experts like Vs, Gogogo, etc, who are also paid by the International Banking Cartels, are trying to sing praises, Ha! The Bankers should just chop off our heads and release us from this misery once and for all.
            1. Load More Comments