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SBI halves ATM cash withdrawal amounts in attempt to spur digital transactions

October 11, 2018

In an effort to reduce fraud and encourage digital transactions, State Bank of India plans to reduce by half the amount of cash that account holders can withdraw from the bank's ATMs.

According to a report by Livemint, the new limits go into effect Oct. 31. 

The new limits at SBI ATMs will take effect on Oct. 31. As of that date, account holders with SBI Classic and Maestro debit cards will see their limits reduced from 40,000 rupees ($539) daily to 20,000 rupees ($269) daily.

Higher limits may be allowed for SBI customers holding premium cards, the report said. Additionally, some other Indian banks will continue to allow larger cash withdrawals.