Reserve Bank of India (RBI) in the notification said that Banks have to pay a certain amount per day if the amount is not reversed within a said period.
New ATM rules in 2019 |
According to the latest annual RBI report, there are more than 2.2 million ATM machines in the country.
Last week, the Reserve Bank of India (RBI) had set a new set of rules that wrote turnaround time for banks to resolve unsuccessful transactions, including failed ATM transactions where debits were made to the customer's account. But no cash was given. In such cases of unsuccessful ATM transactions, RBI has provided that the indemnity banks will have to pay to their customers if the funds are not transferred within a fixed period. Earlier, the RBI had said that unsuccessful ATM transactions could not be counted in the free transaction due to non-cash withdrawal, wrongdoing or other non-cash withdrawal transactions at the ATM.
Here are a few points that you should know about the new ATM rules.
1) Under the new rules, if banks do not credit unsuccessful ATM transactions in which the account was debited, but no cash was dispersed. If they do not reverse the transaction within maximum T + 5 days So banks have to pay Rs. 100 every day after +5 days. Here T stands for the day of the transaction and is the calendar date. This principle also applies to such unsuccessful transactions in MicroAtm.
2) The RBI made it clear last month that ATM transactions that fail due to technical reasons such as hardware, software, communication issues cannot be counted as valid transactions. Many banks offer a free number of ATM transactions to their customers. Beyond that, they charge from the consumers. RBI said banks cannot charge consumers for these failed ATM transactions.
For example, some banks allow their customers to make free transactions at ATMs 8-10 times a month. In addition to these mandated number of free transactions, these banks charge a certain amount from their customers.
3) In addition, ATM transactions that failed due to a lack of currency notes in the machine cannot be considered a valid transaction and cannot be charged.
4) Other unsuccessful ATM transactions and other rejected transactions by the bank or service provider, cannot be considered valid transactions due to invalid/unauthorized verification.
5) Non-cash withdrawal transactions from ATMs, such as balance inquiries, chequebook requests, and funds transfers, such as 'on us' transactions, may not be part of ATM's free transaction money, RBi said in a circular on August 14. Transaction "on us" refers to an ATM and debit card belonging to the same bank.
