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The Economic Times

SBI cuts daily ATM cash withdrawal limit to Rs 20,000

The reason
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The reason

"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," said a bank communiqué to offices.

BCCL
To cut ATM fraud
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To cut ATM fraud

Skimmers, as reported in multiple cases in the past decade, steal the PIN for debit cards from unsuspecting customers using hidden cameras and electronic devices. The Classic cards constitute a sizeable chunk of SBI’s card portfolio. The restriction on cash withdrawals comes weeks before the festival season.

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