RBI will impose a penalty on the banks concerned for not having cash in the ATM for more than 10 hours in any one month. This arrangement will come into effect from October 1, 2021.
Many times people have to face problems due to non-availability of cash in ATMs. Taking cognizance of this problem, the Reserve Bank of India (RBI) has taken a big decision. According to the new rule, if the cash is not found in the ATM, then the bank will have to bear the brunt of it. Also Read: NPS: Changes in the National Pension Scheme? The central government gave this answer
The new rule will be applicable from October 1
From October 1, 2021, RBI will start levying fines on banks if their ATMs remain empty for more than a total of 10 hours in a month. Also Read: Cheque Bounce Notice! You only get one month’s deferment, do this work to survive
RBI said in a circular that the bank will be fined for not filling the cash within the stipulated time in the ATM. RBI has taken this step so that the availability of sufficient cash for the public through ATMs can be ensured. RBI took this decision after reviewing the downtime of ATMs due to cash-out. Also Read: Ujjwala 2.0: Pradhan mantri ujjwala yojana form online apply 2021 | PMUY Second phase starts pm ujjwala yojana list 2021 know here
How much will be the fine on the bank?
According to RBI, if there is no cash in an ATM for more than 10 hours in a month, then in that case a fine of up to Rs 10,000 will be imposed. In case of white label ATMs, the penalty will be imposed on the banks. If the bank is taking the services of any companies to put cash in the ATM, even then the bank itself will have to pay the fine. Later the bank may charge a fine from that white label ATM company.
