Same here. I spent 3.2 Lakh in last 1 year and my renewal is due next month. I have been using this card for last 3 years (might have done more than 10 lakhs of transaction) still they denied LTF last week.
So I applied for SBI cashback and got an approval and card is being dispatched. I'll have to live with lesser credit limit on SBI, and also will not get any benefit post 1 lakh of transaction every month due to cashback caping.