RELATED KEYWORDS: RBI|ATM transcationsBowing to banks, RBI makes you pay for your cashEmail this articlePrint this articleShare on Reditt Google Bookmarks Newsvine Live Bookmarks Technorati Yahoo Bookmarks Blogmarks Del.icio.us ApnaCircle Soon, visiting an ATM will not be just be about remembering your PIN. You are likely to pay Rs 20 from sixth transaction onwards every month.The author has posted comments on this articleTNN | Aug 16, 2014, 01.45AM ISTNEW DELHI: Soon, visiting an ATM will not be just be about remembering your PIN, but also keeping count of the number of transactions and the machine on which you last transacted. The Reserve Bank of Indias capitulation to pressure from the banks has meant that individuals — some of whom maintain deposits running into thousands in their savings bank accounts — are likely to pay Rs 20 from sixth transaction onwards every month. And, RBIs definition of transactions goes beyond cash withdrawals to include balance enquiries, placing cheque book request or recharging your mobile phone. ...taking into account the scope for cross-subsidization and with a view to ensuring more transparency in the pricing of these transactions, banks have been advised to provide their savings bank account holders with at least five free transactions per month at their own ATMs. Beyond this, banks may decide to levy transaction charges (not exceeding Rs 20 plus applicable taxes per transaction) which are decided in a transparent manner, the regulator said in a circular meant to rationalize the number of free transactions. This came with an advisory that the number of free transactions on ATMs set up by other banks had been reduced to three, from five earlier, in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.
Posted on: Sat, 16 Aug 2014 06:34:58 +0000
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