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State Bank of India has lowered its ATM cash withdrawal limit to Rs 20,000 a day

in Business October 1, 2018 Comments Off on State Bank of India has lowered its ATM cash withdrawal limit to Rs 20,000 a day 854 Views

New Delhi: 1/10/18:The State Bank of India (SBI) has lowered its ATM cash withdrawal limit to Rs 20,000 a day from Rs 40,000, according to a report. The new restriction will be effective from October 31.

The public sector bank (PSB) said the move was to address the growing incidence of ATM fraud and to encourage digital transactions.

“Daily cash withdrawal limits for Classic and Maestro debit cards reduced from Rs 40,000 to Rs 20,000 per day with effect from 31 October 2018,” SBI said on its website.

“In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” the bank reportedly said in a communiqué to its offices.

The SBI offices have been asked to inform the bank’s customers, the news daily reported. The cut in withdrawal limit comes weeks before the Indian festive season.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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