Using SBI Or Other ATM Cards? Here’s A Good News For All, See New Rules.
New Delhi: In what could be a big relief for ATM card users, the Reserve Bank of India (RBI) has issued notice to all Scheduled Commercial Banks including Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Small Finance Banks, Payment Banks, White Label ATM Operators clarifying on the usage of ATMs and free transactions.
“It has come to our notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free ATM transactions,” mentioned RBI in its circular.
“Transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly/ wholly to the bank/ service provider; invalid PIN/ validations; etc., shall not be counted as valid ATM transactions for the customer. Consequently, no charges therefore shall be levied,” RBI clarified.
RBI chief general manager further stated that non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer, etc.), which constitute ‘on-us’ transactions (i.e., when a card is used at an ATM of the bank which has issued the card) shall also not be part of the number of free ATM transactions.