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I received an email and SMS saying that my withdrawal request was rejected. Why is this?

All withdrawal requests are processed post completion of the trade process, which is usually around 8.30 pm for the Equity segment and around 8 am for the Commodity segment. Your withdrawal request gets rejected when the amount that you're trying to withdraw is greater than the available funds for withdrawal. Do note that your withdrawal balance is different from your account balance.

For instance, if your opening balance is Rs.50,000 and you've sold shares worth Rs.40,000 on 01.01.2020, your account balance after completion of trade process on 01.01.2020 would be Rs.90,000 (50,000 + 40,000). However, your withdrawal balance would be Rs.50,000 only since the credit from sale of shares are realized and can be withdrawn only from T+2. 

To simply state,

Account balance is the funds that can be used to trade with.

Withdrawal balance is the funds that can be withdrawn back to your bank account. The withdrawable balance does not include unsettled stock holdings sold, intraday profits, etc. To know how your withdrawable balance is calculated, you can read this article.
        Note: 
        • Payins made during the day cannot be withdrawn on the same day. Funds can be withdrawn after balance reconciliation which can be completed only after one day.
        • Payins made on Saturday may not reflect on Console, they will however be updated and will be available for trading on Kite. These transfers will reflect on Console by Monday eod.