The State Bank of India (SBI) has announced that the cash withdrawal limit from ATMs (automated teller machines) has been reduced to Rs 20,000 per day effective from October 31, 2018.
As per now the withdrawal limit of SBI from ATMs is Rs 40,000 per day. SBI sites the reason for the decision of cutting the cash withdrawal limit is the increasing a number of complaints regarding fraudulent transactions through ATMs. It also claims that reducing the cash withdrawal limit to half will also promote digital transactions.
The decision of the State Bank of India on the limitation of cash withdrawal from the ATMs will adversely affect the festive season coming ahead.
[source_without_link]SIASAT NEWS[/source_without_link]