> 3 ATM transections is chargable now
Within last few months the number of free transactions at ATMs (Automated Teller Machines) of non-home banks has also been cut to three times a month from five times, according to the RBI's latest guidelines.
Read more at:
http://economictimes.indiatimes.com/articleshow/45007866.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Why does someone goes to ATM from different bank?
Many banks have very limited number of ATMs.
The ATM of your own bank is not functioning.
The money in ATM has exhausted or not refilled in time.
Why do people require multiple transections ?
ATMs most of the time do not allow above a certain limit mostly because they have limitations on number of notes and they refill with lower denominations.
ATMs do not have enough money to be disbursed.
ATMs to not allow to withdraw their complete authorised amount. For eg. many ICICI bank debit cards allow cash withdrwal of Rs 1Lakh but mostly restrict to 20 thousand.
In all such cases people are forced to go for multiple transactions due to fault on account of banks. Why should they be punished for it.
This way banks will further be emboldened to use similar tactics to force people to go for multiple transections ?
In addition many customers especially the youth want to withdraw only the amount immediately required by them. This will unnecessarily put burden on the segment which government other keeps subsidising for.
Why such dichotomy ?
RBI must first establish parameters of service regarding ATMs and make it compulsory to banks to ensure proper services of the ATMs.
I am sure this forum and Mr Rajendra Gupta will be able to take these issues with RBI. more
Read more at:
http://economictimes.indiatimes.com/articleshow/45007866.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Why does someone goes to ATM from different bank?
Many banks have very limited number of ATMs.
The ATM of your own bank is not functioning.
The money in ATM has exhausted or not refilled in time.
Why do people require multiple transections ?
ATMs most of the time do not allow above a certain limit mostly because they have limitations on number of notes and they refill with lower denominations.
ATMs do not have enough money to be disbursed.
ATMs to not allow to withdraw their complete authorised amount. For eg. many ICICI bank debit cards allow cash withdrwal of Rs 1Lakh but mostly restrict to 20 thousand.
In all such cases people are forced to go for multiple transactions due to fault on account of banks. Why should they be punished for it.
This way banks will further be emboldened to use similar tactics to force people to go for multiple transections ?
In addition many customers especially the youth want to withdraw only the amount immediately required by them. This will unnecessarily put burden on the segment which government other keeps subsidising for.
Why such dichotomy ?
RBI must first establish parameters of service regarding ATMs and make it compulsory to banks to ensure proper services of the ATMs.
I am sure this forum and Mr Rajendra Gupta will be able to take these issues with RBI. more
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I read in today's newspaper (Times of India) that SBI is allowing only 3 free transactions in their ATM for own customers. This is contrary to RBI guideline to allow 5 free transactions for own customers. more
Nov 10
This is just like a bullshit practice by RBI they just want a reason to loot people and irritate them with these silly rules and tag a bad impression from people. How much are they earning from that charges. Year end they will show thousands of crores profit. Dear Modiji you dont follow that old congress chidambaram cheap tactics, you modify these and make people enjoy banking. if we maintain less amount they will charge, if we withdraw more amount they will charge. banking sector have enough genuine methods of earning like interest from loans etc, why they play silly tactics like this. more
Nov 07
Many Public Sector Banks allow more than 5 transactions (in fact any number) in their own ATMs in said Metros even after 1st November 2014 and the report appearing in Paper needs to be checked up own banks. However for using other banks ATMs restriction of 3txns per month is implemented from 1st Nov 2014, as they also pay to other banks for transactions done by their customers in other bank ATMs. more
Nov 06
