State Bank of Republic of India (SBI) has cut its ATM money withdrawal limit from Rs forty,000 per day to Rs twenty,000 per day, in keeping with a report by The Economic Times. The new restriction are going to beeffective from Oct thirty one.
The public sector bank (PSB) has taken the step as a result of a rise within the variety of complaints received by banks regarding deceitfultransactions at ATMs and to encourage cashless transactions, the newspaper reported .
"In read of the rise within thevariety of complaints received by banks around deceitful transactions at ATMs and to encourage digital and cashless transactions, it's been determined to decrease the money withdrawal limits of debit cards issued or being issued on 'Classic' and 'Maestro' platforms," the bank reportedly aforesaid during acommuniqué to its offices.
SBI offices are asked to tellthe bank's customers, the news daily reported . The cut in withdrawal limit comes weeks before the Indian joyous season.
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