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
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

The Reserve Bank of India (RBI) has asked banks not to count failed transactions at ATMs due to technical reasons (hardware and software issues, non-availability of cash, and any other reason attributable to the bank), as part of “free ATM transactions” , which are permitted every month.

Use of ATMs for balance enquiry and fund transfers too should not be part of the free transactions facility given to a customer.

Banks provide a certain number of free transactions at ATMs to their customers and beyond that impose charges.

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