SBI reduces the ATM withdrawal limit to Rs 20,000
Posted on: 01/Oct/2018 2:20:02 PM
Taking a serious step to curb frauds and other cyber hacking misuse of the bank accounts through ATMs State Bank of India (SBI) reduces the withdrawal limit to Rs 20,000 for a given day. With this new update from the bank customers of SBI can withdraw only half of the previous withdrawal limit. The latest Romanian nationals involving the ATM fraudulence and scamming issues lead to the firm decision by SBI to cut off the ATM limit throughout the nation. Swindling of the bank’s money in ATMs is becoming a daily happening in the country and the new order of limiting the withdrawal will most probably reduce the economic crime.
SBI’s reduction of the limit from Rs 40,000 to Rs 20,000 for debit cards will be effective from October 31, 2018. The move will likely disrupt the customers as it cut shorts their own rights and limits to take the money from Automated Teller Machines. Several customers may opt to close down the accounts in the national bank owing to the disruption in basic transaction itself followed by withdrawal limits.
The act of SBI is to improve the cashless transaction system but the economist’s points out the disadvantages of this move in terms of daily business economy and middle class section transaction. The livelihood of many small time business may get affected with the move of reducing the withdrawal limit. With the lowest literacy rate and banking awareness SBI cannot impose the cashless transaction forcefully on to the customers said many public forums.
Currency in Circulation (CiC) comes around Rs 19.38 lakh crore rupee as of August 17, 2018. This mark of the money is slightly higher than the pre-demonetization levels. Household savings in the form of liquid cash and gold is large in India compared to other countries of the world. So reducing the cash limit will increase the cashless movement campaign run by the present central government.
SBI expresses the concern of inconvenience do not affect their customers livelihood as the bank analyzed the maximum derived account as far less than 20,000. The festive season and increasing economy inside the country easily implies that the bank cannot decide each individual’s limit in accordance with common analysis. Experts suggest the nation disability to spread equal economic concerns even to the rural and remote places. Without doing that the government’s forceful imposition of cashless transaction through national banks will further disrupt the people’s life in negative ways.
SBI platinum International debit cards allow customers to withdraw up to Rs 1 lakh daily and gold debit card with a limit of Rs 50,000. But these accounts require higher minimum balance for enjoying the rights. The bank’s reduction of the withdrawal limit might be a move to increase customers on the zones of platinum and gold cards. Keeping only the reasons of fraudulence and cashless transaction into the account can disrupt the widespread customer rights on their hard-earned money.
