Rachel Chitra writes for the business section of The Times of Ind... Read More
Rachel Chitra writes for the business section of The Times of India. She has been tracking the banking and insurance sector for nearly five years.Read Less
This story is from November 14, 2016
RBI tells banks to waive ATM usage fee
CHENNAI: Customers will not be charged for all cash withdrawals at ATMs till December 30, 2016. In a circular, the Reserve Bank of India on Monday directed banks to waive ATM charges for their customers and other bank customers.
"It has been decided that banks shall waive levy of ATM charges for all transactions, financial and non-financial, by savings bank customers, using their banks' ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month," said the apex bank.
"This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016," the RBI added.
The RBI's announcement comes after incidences of banks levying ATM transaction charges on other bank customers, despite an earlier circular on the same.
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"It has been decided that banks shall waive levy of ATM charges for all transactions, financial and non-financial, by savings bank customers, using their banks' ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month," said the apex bank.
"This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016," the RBI added.
The RBI's announcement comes after incidences of banks levying ATM transaction charges on other bank customers, despite an earlier circular on the same.
Get an chance to win ₹5000 Amazon Voucher by taking part in India's Biggest Habit Index! Take the survey here
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