GUWAHATI: State Bank of India has halved the daily withdrawal limit on its ATM cards to Rs. 20,000.
The new threshold will be applicable from October 31 for the bank’s Classic and Maestro debit cards.
The move aims to curb fraudulent ATM dealings and may encourage digital transactions. “Our internal analysis shows most actual withdrawals are of smaller amounts.
More In :
We are trying to see whether smaller withdrawals could minimise frauds,” said PK Gupta, MD of SBI. The bank had uncovered 981 instances of fraud during FY18, up from 794 a year earlier.
(Source Economic Times)