The nation's largest lender State Bank of India on Monday slashed the daily withdrawal limit from ATMs to half — from Rs 40,000 to Rs 20,000 — to check fraudulent transactions.
The new limit will be effective from October 31 for the bank customers who number over 420 million.
With the festive season round the corner, Business Standard yesterday conducted a poll asking users across Facebook, Twitter and its website whether the bank’s decision to lower its daily cash withdrawal limit is justified.
Here are the results of the 24-hour poll:
The NO club: Of over 1,200 votes received across all platforms, majority of poll-takers — over 800 or 64 per cent people — are of the view that SBI shouldn’t have halved the withdrawal limit as people are more likely to shop during the festive season.
The YES club: Compared to the above percentage, a mere 31 per cent welcomed SBI’s move. Perhaps, with digital transactions gaining traction, people don’t necessarily need to withdraw such a lump-sum amount in one day.
Can’t say: Only five per cent said that they aren’t sure whether SBI’s move is justified or not.
Individual result recorded at Business Standard website, Twitter and Facebook:
The data above shows that majority of users on Facebook and Twitter do not agree with SBI’s withdrawal limit decision, whereas the percentage difference between ‘yes’ and ‘no’ on Business Standard platform is marginal.