The nation's largest lender, State Bank, has slashed the daily withdrawal limit from ATMs to half from Rs 40,000 to check fraudulent transactions. The new limit will be effective from October 31 for the bank customers who number over 42 crore.

The limit has been reduced to Rs 20,000 on the classic debit card, which is the most popular ATM-cum-debit card of the bank. There is no change in the daily withdrawal limits on other cards.