ATM Withdrawal Will Be Limited BY SBI

SMALL  traders apprehend that their businesses will be impacted post the State Bank of India’s announcement to  halve daily  withdrawal  through ATMs.From October 31, the country’s largest public sector banker with nationwide network has  slashed the daily withdrawal limit on ATMs  from INR 40,000 to check fraudulent transactions. The country’s  biggest lender  have over 42 crore customers .The limit has been reduced to Rs 20,000 on classic debit card, which is the most popular ATM-cum-debit card of the bank. There is no change in the daily withdrawal limits on other cards. This card variant is not chip-based and so there are concerns about its security, a statement issued by SBI said .The bank has been receiving several complaints regarding cloning. Due to this the decision is taken to reduce the withdrawal limit on these cards, the statement  said .As of March 2018, the bank issued over 39.50 crore debit cards with around 26 crore actively used debit cards. . (pic courtesy to NDTV)