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India’s Largest Bank the State Bank of India has decided to cut the cash withdrawal limits on its Classic and Maestro debit cards from ₹40,000 to ₹20,000 per day with effect from October 31.
Indian public Sector banking and financial services company State Bank of India (SBI) has taken a decision to cut the cash withdrawal limits on its Classic and Maestro debit cards from ₹40,000 to ₹20,000 per day with effect from October 31.
The bank said in a statement that the limit was lowered to prevent fraudulent financial transactions.
It further requested its customers by saying “if you require a higher daily cash withdrawal limit, please apply for a higher card variant.”
State Bank of India is the largest bank in India with a 23% Market Share in assets, besides a share of one-fourth of the total loan and deposits market.
The bank is ranked 216th on the Fortune Global 500 list of the World’s Biggest corporations as of 2017.
