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SBI Slashes Daily ATM Withdrawal Limit by Half
October 19, 2018
India’s largest public sector bank SBI has reduced the daily ATM cash withdrawal limit from ₹40,000 to ₹20,000. The change will be effective from October 31.
An official report sent to various departments from the SBI said that the decision was taken in view of the increasing complaints about fraudulent transactions at the ATMs. Another reason is to promote a culture of digital transactions.
SBI Managing Director PK Gupta said that their analysis shows that most ATM cash withdrawals are of small amounts which is why a ₹20,000 limit should be enough. He also said that they are checking if lowering the limit helps in minimizing frauds.
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