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ATM limit halved for SBI cards

There are concerns about security of SBI Classic debit card „ The move will affect over 42 bank customers in this festive season
The curbing of ATM withdrawal limit to Rs 20,000 from Rs 40,000 by the State Bank of India comes into effect from Wednesday. The new rule will be applicable for holders of SBI Classic or Maestro debit cards. In its attempt to check rising instances of ATM frauds, the country’s biggest lender halved the daily ATM withdrawal limit on October 1. Over 42 crore bank customers will be affected with this limit in the festival season. For customers desiring to take out over Rs 20,000 daily, they can apply for an upgrade the debit card. An official said the SBI Classic debit card is not a chip-based card and there are concerns about its security. The bank has also decided to reduce the withdrawal limit due to increase in number of complaints regarding cloning, said the official. SBI managing director PK Gupta had earlier said, “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So this is basically to protect the customers and secondly, we want that more such (digital) transactions should happen.”