State Bank of India (SBI), the country’s largest bank, has made some major changes in the cash withdrawal rules from ATMs. SBI has decided to make big cuts in the daily limit of cash withdrawal.
Customers of SBI will be able to withdraw maximum 20 thousand rupees cash from one ATM only in the day from October 31, so far this limit was 40 thousand rupees.
SBI has ordered Branchon that considering the increasing complaints of fraud in ATM transactions and for the purpose of promoting digital-cashless transactions, it has been decided to reduce the cash withdrawal limit. The debit card issued on ‘Classic’ and ‘Maestro’ platforms has reduced the withdrawal limit.
The deduction limit in the cash withdrawal limit is just before the festival season. Despite the emphasis on the digital transition by the government, demand for cash remains high. According to some estimates, the cash flows in the market have reached level before the ban on bondage.
In the last few years, it has been found in many cases that fraudulent persons cloned the common bank customers’s card, PINs of the debit card of the customers, have detected by the electronic devices put in to the ATM’s .
Some big banks are promoting small cities to credit card gains and card holders outside the top 10 cities are contributing 40-45 percent of the cost of this method.
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