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.