The Reserve Bank of India on Wednesday increased the weekly withdrawal limit to Rs. 50,000 from Rs. 24,000 and it will be effective from February 20, 2017.

RBI also announced that from March 13, 2017, there will be no limits on cash withdrawal from savings account.

On January 17, the RBI had increased the ATM withdrawal limit to Rs 10,000 per day per card, but had retained the overall weekly ceiling of Rs 24,000.

The RBI?s move to relax withdrawal limits comes as cash situation across the country has improved, with queues outside banks and ATMs getting shorter by the day.