RBI to impose fine on banks whose ATMs run out of cash from October 1st


RBI to impose fine on banks whose ATMs run out of cash from October 1st: IIn a big relief for the common citizens, the Reserve Bank of India has decided to charge penalties on banks for non-availability of cash in ATMs. The RBI has launched the ‘Scheme of Penalty for non-replenishment of ATMs’, which will come into effect in October. Under the scheme, a penalty of Rs 10,000 per ATM will be levied if they are out of cash for more than 10 hours per month. The Reserve Bank of India (RBI) has directed all banks and white label automated teller machine operators to ensure that ATMs never run out of cash.

 

Explaining why the new rule will be implemented, the RBI said in a statement: “A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public. Therefore, been decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. Any non-compliance in this regard shall be viewed seriously and shall attract a monetary penalty.”....Read More

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