The Reserve Bank of India on Wednesday, set a withdrawal limit of Rs 10,000 per month from the Jan Dhan Yojana accounts.
Pradhan Mantri Jan Dhan Yojaya scheme was launched with an aim to provide bank accounts, insurance cover and a debit card to all the citizens of the country.
According to the government report, the total deposits in Jan Dhan accounts stood at Rs 64,252.15 crore as of 16 November, 2016.
"This move came with a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws", the RBI said.
As a temporary measure, the banks are advised to observe the following in respect of the PMJDY accounts:
1) Fully KYC compliant account holders are allowed to withdraw Rs 10,000/- from their account, in a month. The branch managers may allow further withdrawals beyond Rs 10,000 within the current applicable limits only after checking the genuineness of such withdrawals and duly documenting the same on bank's record.
2) In cases where there is limited or Non KYC compliant account holders they will be allowed to withdraw Rs 5,000 per month from the amount deposited through old notes after November 09, 2016 within the overall ceiling of Rs 10,000.