SBI halves daily cash withdrawal limit to check ATM fraud
In order to minimise the instances of ATM fraud, State Bank of India has halved the daily ATM cash withdrawal limit to Rs 20,000 from Rs 40,000. The revised ATM withdrawal limit will be effective from October 31.
“In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” a bank communiqué to branches said.
Despite the increase in digital banking transactions, a sizable portion of the society is still dependent on a cash-based transaction. SBI officials believe the curb on ATM withdrawal may not cause any inconvenience to its customers.
“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,” said the ET report quoted PK Gupta, Managing Director at SBI as saying. All the branches of SBI have been directed to display this message to their customers.
-PTC News
