SBI lowered the ATM’s daily withdrawal limits

SBI lowered the ATM’s daily withdrawal limits

According to the Economic Times, State Bank of India, the largest lender of India has cuts half the daily cash withdrawal limit of its ATMs from Rs 40000.00 per day to Rs 20000.00 per day. This new limitations will be applicable from 31st October 2018 on its issued and being issued Classic and Maestro debit cards. Now other banks have to decide after the move of SBI lowered the ATM’s daily withdrawal limits.

This action has taken due to increase in the number of complaints received by banks around fraudulent transactions at the ATM. This move of bank will encourage more digital and cashless transactions and curb the fraudulent ATM dealings.

According to the Mr. P K Gupta, MD of State Bank of India, “Our internal analysis shows most actual withdrawals are of smaller amounts. We are trying to see whether smaller withdrawals could minimize frauds”

 

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