(Image source from: English.manoramaonline.com)
SBI Halves The ATM Cash Withdrawal Limit:- India's largest bank State Bank of India left its customers in a huge state of shock after it has lowered the ATM cash withdrawal limit to Rs 20,000 per day. Earlier, the subscribers had a chance to withdraw Rs 40,000 per day and now it has been halved. This will be effective from October 31st all over. SBI revealed that the decision has been taken after the number of fraudulent transactions have been increased. SBI revealed that the bank is in plans to encourage digital transactions and reduce withdrawal limits.
Several thousands of cases have been registered in which the skimmers have been stealing the debit card pins and withdrawing cash. Despite of the government's steps in promoting the digital transactions, the demand for cash has been high. A section of people have been keen on holding cash rather than using online transactions. Rs 20,000 withdrawal limit will be adequate for most of the customers revealed PK Gupta, SBI Managing Director. There are card variants that can allow higher withdrawals on regular basis and the customers can approach the nearest branch for updates.
(Video Source: ETV Andhra Pradesh)