I don't know about India, but I know that in many western European countries overdraft fees such as those that are common in the US would be considered above th

I don't know about India, but I know that in many western European countries overdraft fees such as those that are common in the US would be considered above the maximum legal interest rate, because of that the bank has no big incentive in letting you withdraw money you don't have. Consider also how much more widespread chip and pin cards are on this side of the pond, and you're starting to make me suspect that the wider adoption of chip and pin might have been helped by usury laws.