CURRENT AFFAIRS

Detailed explanation-1: -Demonetisation: RBI says all cash withdrawal limits to be removed from March 13.

Detailed explanation-2: -Banks were allowed by the RBI to charge ₹ 21 per each extra transaction at the ATM beyond the monthly free limit, effective from 1 January 2022. All major banks, both in the public and private sector, allow a limited number of free transactions at the ATMs every month.

Detailed explanation-3: -Most banks in India have set a limit of INR 1 lakh on Cash withdrawal limit from bank per day by cheque. This limit typically applies to self-use or self-addressed cheques.

Detailed explanation-4: -The RBI, in June last year, allowed banks to charge up to Rs 21 per transaction at the ATM (Automated Teller Machine) above the monthly free transaction limit, effective from January 1, 2022. Usually, banks offers five free transactions at the ATMs every month. Any transaction after that is chargeable.

Detailed explanation-5: -The withdrawal request can be initiated for a minimum of Rs 100 per transaction and a maximum of Rs 10, 000 per day or Rs 25, 000 per month as per regulatory guidelines.