INSUBCONTINENT EXCLUSIVE:
SBI has issued over 39.5 crore debit cards with around 26 crore actively-used debit cardsSBI or State Bank of India customers can now
withdraw up to Rs 20,000 in a day using select cards issued by the lender
In a statement at the end of last month, the country's largest bank SBI announced a reduction in daily ATM withdrawal limits applicable to
The bank said the customers using its Classic and Maestro debit cards would be able to withdraw up to Rs 20,000 in cash per day from ATMs,
SBI's move, aimed at checking fraudulent transactions, is in line with the Reserve Bank of India (RBI)'s directive on migration to EMV
(Europay, Mastercard and Visa) chip-and-pin cards.2
The central bank has set a December 31 deadline for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.3
The Classic and the Maestro debit cards are one among the various types of ATM cards provided by SBI to its customers.4
State Bank of India provides a free-of-cost upgrade of debit card to its customers
The upgrade of existing debit card to an EMV chip-and-PIN debit card offers enhanced security, the bank has said on microblogging site
There are, however, no changes in the ATM withdrawal limits applicable to other State Bank of India debit cards.(With agency inputs)
