MUMBAI: Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes. The central bank partially lifted limits for certain accounts earlier this month, but not for customers holding the more widely used savings accounts. In a statement Wednesday, the bank said withdrawal limits would be nearly doubled from 24,000 rupees to 50,000 from February 20 before “the complete cap be removed on 13th of March and there will be no limits to cash withdrawals”. The bank also said it was leaving interest rates unchanged at 6.25 percent for the second time since November’s so-called “demonetisations”. The bank has been under pressure to cut rates to stimulate the economy amid fears the cash ban had slowed growth.

Source: Manila Times February 08, 2017 10:30 UTC