Thursday, February 2, 2023

Banks will be punished if cash runs out in ATM, RBI announced, fine up to Rs 10,000

RBI On ATM Cash:  Next time you go to withdraw cash from ATM and find NO CASH written in it, then understand that now that bank is not well. In fact, the Reserve Bank of India has asked banks and white label ATM operators to put in place a robust system that helps in monitoring the availability of cash in ATMs and timely replenishment to avoid the situation of running out of cash.

RBI issued an order for banks

Not only this, but the Reserve Bank has also made a provision for imposing a penalty for the banks to strictly follow this instruction. RBI has introduced the ‘Scheme of Penalty for Non-Replenishment of ATMs’. Which will come into effect from October 1, 2021. According to this rule, any bank and white ATM operator who remains in the state of ‘cash out’ for more than a stipulated time will be punished.

Read More: Horoscope, 11 August 2021: These 5 zodiac signs will make a difference on Wednesday, know the condition of your zodiac

Penalty up to Rs 10,000 per ATM

According to the instructions of the Reserve Bank, ‘It will impose a penalty on the banks concerned if there is no cash in the ATM for more than 10 hours in any one month’. This arrangement will come into effect from October 1, 2021. RBI said in the instructions issued that the purpose of the system of imposing penalty for not putting cash in ATMs is to ensure that sufficient funds are available in ATMs for the convenience of the people. RBI said that if there is no cash in the ATM for a specified time, then a fine of Rs 10,000 will be imposed on the banks per ATM.

According to the order of the Reserve Bank, as far as white label ATMs are concerned, in this case, the penalty will be levied on the bank which fulfills the supply of cash in its respective ATM. White Label ATMs are operated by non-bank entities. The bank can collect the penalty amount from the White Label ATM operator.

Banks will have to submit the statement

The Reserve Bank said that banks will have to submit the system-generated statement on the downtime of ATMs due to the non-availability of cash to the ‘Issue Department’ of the RBI under whose jurisdiction the ATMs are located. For white-label ATM operators, who depend on banks to meet their cash requirements, banks will have to provide a separate statement on cash-out from such ATMs due to the non-availability of cash. The Reserve Bank said that such statements will be made for every month within five days of the following month, i.e. the first such statement for the month of October 2021 will be presented to the concerned department on or before November 05, 2021.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Finance Ministry issued advisory for banks, asked questions regarding the target of government schemes!

Finance Ministry News: The Finance Ministry has asked all the banks about the target of security schemes and schemes that will benefit the people...

Bank Strike: Deal with the work related to the bank today, after that strike across the country, ATM services will also be affected

Bank Strike on 19th November: If you have to do any work related to the bank, settle it from time to time. On November...

Airtel Payments Bank: There will be no money shortage in villages, 1.5 lakh micro ATMs will start in 6 months

Micro ATM: Keeping in mind the convenience of the customers, work is being done on behalf of Airtel Payments Bank to set up micro...

If you use an ATM card, you will receive 5 lakh rupees for free. How does this work?

Processing an ATM insurance claim: A person who has used an ATM card from any government or private bank for at least 45 days...

ATM Cash Withdrawal Limit: Now withdrawing money from ATM is expensive, big banks have increased the charge, this is the new rule

ATM Withdrawal Limit Per Day: All major government and private banks across the country have made changes regarding ATM Cash Withdrawal. You will now...

Most Popular

Subscribe

* indicates required