The Reserve Bank of India has instructed all banks in the country to make all non-cash withdrawal transactions free of charge. The apex bank of the country has instructed commercial banks in a circular released that not to treat ATM transactions failing for technical reasons as well as non-cash withdrawal transactions as part of the free transactions available to customers every month.
Now, banks cannot include non-cash withdrawal transactions like balance inquiry, cheque book request, payment of taxes and funds transfer under free ATM transactions.
The new RBI orders have also been issued to all scheduled commercial banks including regional rural banks, urban co-operative banks, state co-operative banks, district central co-operative banks, small finance banks, payment banks, white-label ATM operators.
Here are the details about the free ATM transactions as per the latest RBI circular:
Transactions which fail on account of technical reasons like hardware, software, and communication issues shall not be counted as valid ATM transactions for the customer.
Non-cash withdrawal transactions at ATMs such as balance inquiry, cheque book request, payment of taxes, funds transfer shall also not be part of the number of free ATM transactions.
Invalid PIN/validations etc resulting in failed transactions will also be not counted as valid ATM transactions.
Other failed transactions like non-availability of cash in the ATM, transaction declines attributable to the bank or service provider will not be considered as valid ATM transactions for the customer.
Post Your Comments