Cap of 3 free ATM transactions only for metros, says RBI
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The Reserve Bank of India (RBI) has clarified that freetransactions at non-home bank ATMs would come down to three from five only if all the transactions are carried out in the metros. These six metros include Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
The regulator has clarified that this new rule will not apply in case the transactions are being carried out both in metros and non-metros.
“If transactions are carried out at both, the six metro centres and other locations, the total number of transactions (inclusive of both financial and non-financial) free of charge at other bank ATMs would continue to remain at five,” saidRBI in a circular.
This new regulation is set to be effective from November 1.
According to the new regulation, banks are also free to charge their customers for ATM transactions beyond five a month, though a board-approved policy on this issue would have to be put in place.
However, RBI has said that lenders are free to offer more number of free transactions per month at other bank ATMs as well as their own ATMs in any geographical location.
Banks are also free to decide on the combination (for metro & non-metro locations) of free transactions while adhering the minimum requirement, added the circular. (PTI-Business Standard)
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