The State Bank of India (SBI) announced there will be a reduction in cash withdrawal limits from Automated Teller Machines (ATMs) from the 31st of October
The withdrawal limit will be brought down from Rs. 40,000 to Rs. 20,000 per day.
According to sources, the State Bank of India has claimed reducing the cash withdrawal limit to half will promote digital transactions and minimise unnecessary card frauds. The reasons cited are related to promoting the Cashless India programme.
It has been cleared by the bank that the limitation is only on withdrawals and payment using digital means like card swiping devices and mobiles will continue the same way, following the original limits.