SBI slashes ATM cash withdrawal limit from Rs 40,000 to Rs 20,000 per day

Mumbai: The country's largest lender State Bank of India (SBI) has on Monday announced that the cash withdrawal limit from automated teller machines (ATMs) has been reduced to Rs 20,000 per day effective from October 31, 2018, as per reports from The Economic Times.

Currently the cash withdrawal limit of SBI from ATMs is Rs 40,000 per day. The public sector bank sites the reason for the decision of cutting the cash withdrawal limit is increasing number of complaints regarding fraud transactions through ATMs. State Bank of India also claims that reducing the cash withdrawal limit to half will also promote digital transactions, as per the report.

The country's largest lender, even after two years of demonetisation has not been able to completely recalibrate its ATMs, many of its ATMs in the country are still not able to dispense the new Rs 2,000, Rs 500, Rs 200 and Rs 100 denomination notes.

The decision of State Bank of India on limitation of cash withdrawal from the ATMs will adversely effect the festive season coming ahead.