ONI Bureau: The State Bank of India (SBI) has slashed ATM withdrawal limit to Rs 20,000 to avoid bank frauds.
The new limit on debit cards will be effective from October 31 just few days before Diwali festival.
Currently daily cash withdrawal limit at ATMs is at minimum Rs 100 and maximum Rs 40,000 respectively.
SBI sites the reason that to avoid fraud transactions through ATMs and promote digital transactions it has been decided to decrease the cash withdrawal limits.