The country’s largest nationalised bank, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from the existing Rs 40,000. The new limit is effective from October 31. The same has been done to promote digital transactions as well as to counter the rising cases of ATM frauds reported by banks customers.



"In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said a bank communique to offices. One of the biggest ATM fraud reported is skimming. In these cases, criminals steal the PIN for debit cards from unsuspecting customers using hidden cameras and electronic devices. Here's all you need to know about this ATM fraud ...