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RBI issues circular on free ATM transaction norms

RBI issues circular on free ATM transaction norms

India Blooms News Service | @indiablooms | 16 Aug 2019, 03:36 pm

New Delhi, Aug 16 (IBNS): The Reserve Bank of India on Friday issued a circular where it directed all commercial banks, cooperative and rural banks not to treat failed transactions at ATMs or non-cash transactions such as balance enquiries or checkbook requests as part of five free transactions available to customers in a month.

" It has come to our notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free ATM transactions," the RBI said in a statement.

" It is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly / wholly to the bank / service provider; invalid PIN / validations; etc., shall not be counted as valid ATM transactions for the customer. Consequently, no charges therefor shall be levied," it said.

The bank said: "Non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer, etc.), which constitute ‘on-us’ transactions (i.e., when a card is used at an ATM of the bank which has issued the card) shall also not be part of the number of free ATM transactions."

Banks offer five transactions to users every month in case the ATM is in its network.

In case the transactions are done with other banks then less number of free attempts are given by banks to the customers.

Charges are levied on customers for transactions over the free limits.


RBI issues circular on free ATM transaction norms

India Blooms News Service
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