Reserve Bank of India asked banks to not include failed transactions at ATMs as part of the permitted ‘free ATM transactions’ per month set for users. Currently, banks provide a certain number of free transactions at ATMs and beyond the limit, charges are imposed.
In a circular issued on Wednesday, the central bank stated that ATM transactions that failed due to technical reasons should not be included under the ‘free atm transactions’ gambit. It also suggested that the use of ATMs for non-cash withdrawal transactions — balance enquiry and fund transfers — too should be not be made a part of the free transactions facility.
“It is hereby clarified that transactions which fail on account of technical reasons like hardware and software issues, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer. Consequently, no charges therefor shall be levied,” the Reserve Bank circular read….Read more>>