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RBI asks banks not to count failed transactions, balance enquiry as ‘free ATM transactions’

RBI asks banks not to count failed transactions, balance enquiry as ‘free ATM transactions’

Posted On : Friday, August 16, 2019, 10:31 AM
The Reserve Bank asked banks not to count failed transactions at ATMs due to technical reasons as part of “free ATM transactions” permitted every month. Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges. The RBI’s clarification in this regard comes after it has come to notice of the central bank that transactions that have failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions.
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