New Delhi, Oct 1: State Bank of India (SBI) on Monday reduced daily cash withdrawal limit on its ATM cards to Rs 20,000. At present, SBI ATM cardholders can withdraw cash upto Rs 40,000. The SBI said the move to reduce daily cash withdrawal limit is a precautionary measure against frauds. The bank has asked all branches to inform customers of the changes.

“In view of the increase in number of complaints received by the Bank around fraudulent transactions at ATMs, and to encourage digital/cashless transactions, it has been decided to decrease the cash withdrawal limits of Debit Cards," the SBI said in a statement. Industry experts see it as an attempt to ease the burden on SBI's cash logistics. SBI Approves Sale of 4% Stake in Insurance Arm.

Under the Banking Codes & Standard Board of India guidelines, banks must inform its customers about any change in terms and conditions or charges at least 30 days before it comes into effect.

(The above story first appeared on LatestLY on Oct 01, 2018 03:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).