August 15, 2019 7:47 AM

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RBI asks banks not to count failed transactions, balance enquiry as free ATM transaction

<span style="color: #222222;">Reserve Bank of India has asked banks not to count failed transactions at ATMs due to technical reasons as part of "free ATM transactions" permitted every month. <br />''<br />''Use of ATMs for balance enquiry and fund transfers too should not be part of the free transactions facility given to a customer. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges.<br />''<br />''The RBI clarified that transactions which fail on account of technical reasons, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer. It said, consequently, no charges will be levied. </span><br />

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