Speaking to news agency PTI, SBI Managing Director PK Gupta said, “We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In the 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.”
The move might come as a disappointment for customers ahead of festive season as people tend to buy big ticket iteams such as vehicles, TVs, ACs etc during this time. However, answering to the same, Gupta said that the option is always open to visit a brand to withdraw more cash besides there are many digital means through which people can make their transactions these days.
On the other hand, private sector banks have much extended daily cash withdrawal limits. ICICI Bank customers can withdraw up to Rs 50,000 per day from any of its ATMs. HDFC Bank allows its customers to withdraw up to Rs 1 lakh per day from ATMs with the Platinum chip debit card.