State Bank of India (SBI) has cut its ATM cash withdrawal limit from Rs 40,000 per day to Rs 20,000 per day, according to a report by The Economic Times. The new restriction will be effective from October 31.
The public sector bank (PSB) has taken the step because of an increase in the number of complaints received by banks about fraudulent transactions at ATMs and to encourage cashless transactions, the newspaper reported.
“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.
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.
Source:- moneycontrol