RBI may revise the fine of 10000 on the bank if there is no cash in the ATM, know the whole thing

 


New Delhi, PTI.  If the ATM runs out of cash, the rule of imposing heavy penalty on the banks may end. Reserve Bank of India (RBI) Deputy Governor T Rabi Shankar has said that the RBI is reviewing its plan to penalize banks for not depositing notes in ATMs on time. This step is being taken after the feedback received from the banks.

Banks fined for failing to drop notes at ATMs on time

RBI had said in August this year that it would penalize banks for failing to deposit notes in ATMs on time. This scheme was implemented with effect from October 1, 2021, to ensure availability of sufficient cash to the public through ATMs.

RBI is reviewing

Talking to reporters after the monetary policy review, Shankar said, "We have received various responses - some are positive and some have expressed concern. There are some issues regarding location specific. We are taking and reviewing all the feedback and see how it can be best implemented.

Idea behind levying fines for ATMs being empty

He said that the idea behind imposing the penalty for empty ATMs is to ensure that all ATMs have cash available at all times, especially in rural and small towns. According to this scheme, a fine of Rs 10,000 per ATM will be levied if cash is not kept in any ATM for more than ten hours in a month.

Comments

  1. UnknownNovember 2, 2021 at 2:24 AM

    Yes. Cash must be available at all times, at the ATMs, unless for genuine reasons beyond bank's control. Frequent problems should be avoided. Reduce the fine
    if possible.

    ReplyDelete
  2. UnknownNovember 9, 2021 at 1:47 AM

    Most of the bank is running out of money some time 3days,RBI should not revert this penalty, they will not maintain this if RBI revert this clause

    ReplyDelete

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