Business

SBI Reduces ATM Card Withdrawal Limit To Rs 20,000 From Rs 40,000

JAVED SAIFI | 0
3167
| October 1 , 2018 , 17:26 IST

Ahead of festive season, the State Bank of India (SBI) on Monday has reduced the ATM cash withdrawal limit, citing it as a measure to reduce fraud and to encourage cashless transaction.

The SBI has reduced the limit from Rs 40,000 to Rs 20,000 for classic and maestro cards.

In a press statement SBI said, “In view of the increase in number of complaints received by the Bank around fraudulent transactions at ATMs, and to encourage digital/cashless transactions, it has been decided to decrease the cash withdrawal limits of Debit Card.”

Also Read: SBI Cuts Savings Deposit Rate By 50 Bps To 3.5%

In the past decade multiple cases of bank frauds were reported due to steal of debit cards PIN.

SBI Managing Director PK Gupta said, "Our internal analysis shows most actual withdrawals are of smaller amounts. So, Rs 20,000 should be adequate for most customers. We are trying to see whether smaller withdrawals could minimise frauds." 

To disburse the information about ATM card withdrawl limit decline, SBI has asked all its branches to inform the customers.

According to reports, SBI’s move is also aimed at easing the burden on its cash logistics. The Bank has total 59,598 ATM’s around the the country with 4,849 debit cards issued against every ATM.