District cooperative banks not allowed to exchange Rs500, Rs1000 notes: RBI

Existing customers of district central cooperative banks can withdraw upto Rs24,000 per week till 24 November


The cash withdrawal limit is not applicable with any other bank for district central cooperative account holders. Photo: Mint
The cash withdrawal limit is not applicable with any other bank for district central cooperative account holders. Photo: Mint

Mumbai: The Reserve Bank of India (RBI) on Monday said that district central cooperative banks (DCCB) will not be allowed to provide any exchange facility against Rs500 and Rs1,000 notes in a notification issued on its website.

Also the existing customers can withdraw upto Rs24,000 per week from their own account till 24 November. Earlier the withdrawl limit was set at Rs20,000 per week till 24 November.

However, the cash withdrawal limit is not applicable with any other bank for district central cooperative account holders.

READ MORE