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RBI clarifies rules on ‘free ATM transactions’

RBI clarifies rules on 'free ATM transactions'_50.1

The Reserve Bank of India has clarified rules on ‘free ATM transactions’ provided by banks to its customers. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges.

According to the Reserve Bank of India, the following transactions should not be counted as valid ATM transactions for the customer as the ‘free ATM transactions’:

  • Transactions failed at ATMs due to technical reasons like hardware and software issues.
  • Transactions failed due to non-availability of currency in ATMs.
  • Use of ATMs for non-cash withdrawal transactions such as balance enquiry, cheque book request, payment of taxes, funds transfer.

Static/Current Takeaways Important For IBPS RRB PO Mains:

  • Governor of RBI: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Source: The Hindu

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