RBI clarifies on free ATM transactions; gives relief to customers
Wednesday - August 14, 2019 11:42 pm , Category : BUSINESS
Mumbai, Aug 14 (IANS) The Reserve Bank of India (RBI) on Wednesday clarified that those transactions which fail on account of technical and other specified reasons shall not be included in the 'five free monthly ATM transactions'."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 notification."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 or wholly to the bank or service provider; invalid PIN or validations; etc., shall not be counted as valid ATM transactions for the customer," the notification said.Consequently, no charges shall be levied on these failed transactions, the RBI said."Non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer), which constitute 'on-us' transactions, shall also not be part of the number of free ATM transactions," the notification added.