No money in ATM, banks to be fined from October 1
The RBI has taken a serious stand against all banks that fail to replenish cash in its ATMs. To bring in more discipline, the apex bank will impose a penalty of Rs 10,000 on banks if its ATMs fail to dispense the cash to customers.
With repeated complaints from customers that different bank ATMs fail to give out cash many times and also during an emergency, the Reserve Bank Of India has announced cracking a whip against such banks by imposing the penalty.
The apex under its new scheme of penalty for non-replenishment of ATMs to its customers will have to cough a fine and this rule will come into effect from October 1st.
The central bank has made its stand clear through a circular to all the nationalized and private sector banks that at any given point in time the customers should be able to withdraw cash and in this regard, all the banks must ensure sufficient cash is filled in its ATMs.
The apex bank under its scheme has made it mandatory for all banks to submit computer-generated downtime or fault leading to non-replenishment of cash in each ATM under its limit every month and based on these findings the penalty will be imposed.
Rs, 10,000 penalty per ATM
The penalty is fixed at Rs 10,000 per ATM if it fails to dispense cash for more than 10 hours.
The issue department of RBI's regional office shall be monitoring the banks under its ambit and based on the submission of computer-generated downtime of ATM from the respective bank, the in-charge officer will impose a penalty.
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