The Association of Former Central Committee Members of SBSU has urged State Bank of India to withdraw its decision to reduce cash withdrawal limit from ATMs from ₹40,000 to ₹20,000 a day for certain types of debit card holders from October 31.
In a statement, association president S.P. Raman said the SBI move during festival time was “inappropriate and erroneous.”
He rejected the bank’s justification by citing increase in number of complaints over fraudulent transactions and contended that the bank should face the situation through technology and system upgrades besides preventive vigilance. The move would affect middle class and rural customers, he said.
