SBI reduces daily cash withdrawal limit

Bhubaneswar/New Delhi: In a major initiative of the State Bank of India to curb the growing curfew across the country, the largest lender has informed that the daily cash withdrawal limits for the Classic and Maestro Debit Cards has been reduced.

As per reports, the withdrawal limit would be reduced to Rs 20,000 from the present Rs 40,000 per day with effect from October 31, 2018.

SBI further mentioned that if anyone requires a higher daily cash withdrawal limit, he/she should apply for a higher card variant.

This apart, the new withdrawal limit will encourage the digital and cashless transactions, it stated.

Prior to this, a new directive was issued by the Home Ministry which stated that no ATM will be replenished with cash after 9 pm in cities and 6 pm in rural areas from next year even as two armed guards will accompany crisp notes in transit.

The decision of the government came in concern over the recent incidents of attack on cash carrying vans and other internal frauds.

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The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm while private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles, the notice stated.