Banks cannot charge for failed transactions, balance enquiry - RBI
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The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted ‘free ATM transactions’ per month set for users.
In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical reasons will not be counted as valid ATM transactions for the customer. It also suggested that the use of ATMs for non-cash withdrawal transactions — balance enquiry and fund transfers — too should be not be charged.
Currently, banks provide a certain number of free transactions at ATMs and beyond the limit, charges are imposed.
“It is hereby clarified that transactions which fail on account of technical reasons like hardware and software issues, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer. Consequently, no charges therefor shall be levied,” the Reserve Bank circular read.
The Reserve Bank issued a clarification in this matter after it was brought to the notice of the central bank that transactions that failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions. #casansaar (Source - PTI, RBI, IndianExpress)
In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical reasons will not be counted as valid ATM transactions for the customer. It also suggested that the use of ATMs for non-cash withdrawal transactions — balance enquiry and fund transfers — too should be not be charged.
Currently, banks provide a certain number of free transactions at ATMs and beyond the limit, charges are imposed.
“It is hereby clarified that transactions which fail on account of technical reasons like hardware and software issues, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer. Consequently, no charges therefor shall be levied,” the Reserve Bank circular read.
The Reserve Bank issued a clarification in this matter after it was brought to the notice of the central bank that transactions that failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions. #casansaar (Source - PTI, RBI, IndianExpress)
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