The largest lender State Bank of India (SBI) has announced that the cash withdrawal limit from automated teller machines (ATMs) has been reduced to Rs 20,000 per day effective from October 31, 2018, as per reports from The Economic Times.
Currently, the cash withdrawal limit of SBI from ATMs is Rs 40,000 per day. As per the bank, this has been done keeping in view the growing number of complaints regarding the fraudulent transactions at ATMs as well as to give a boost to digital transactions.
State Bank of India also claims that reducing the cash withdrawal limit to half will also promote digital transactions, as per the report.
According to SBI, the move to reduce withdrawal limits was an attempt to increase digital payments and minimise card frauds, which apparently is on the rise. Lower cash withdrawals at ATMs somewhat reduces the bank’s burden to replenish ATMs and improve cashless payments.
However, this limit is not applicable to retail point-of-sale terminals and mobile card swipe devices, and customers can continue to retain the original limits.
(With ENS inputs)