The ATM cash withdrawal limit has been lowered to Rs 20,000 by country’s largest lender, State Bank of India. The lower limit will be effective from October 31.
According to reports, in view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards.
Despite the government’s digital push and rise in digital transactions, the demand for cash continues to be high and according to some estimates, it is as high as pre-demonetisation levels.