In an attempt to boost digital transaction and curb the incidence of frauds, the SBI has taken the necessary steps. The SBI also known as State Bank of India has lowered its daily ATM withdrawal limit.
The daily withdrawal limit has been lowered to Rs 20,000 which was earlier Rs 40,000. This is applied to Classic and Maestro Debit Cards. According to the SBI lower limit will come to effect from 31st October.
The banks do not foresee any inconvenience to customers. According to a report, most actual transactions are lower than Rs 20,000. The Managing Director P.K Gupta said “We are trying to see if the smaller withdrawals could minimize the frauds.
He added customers with the requirement of higher transaction can switch to Platinum Debit cards which allow customers to withdraw upto Rs 1 lakh. The security risk is not limited only to debit cards but it is up to us to keep it safe and not share our personal details.