Connect with us

Trending

RBI : If the cash is not kept continuously in the ATM then the bank will have to pay the fine

Published

on

0 0
Read Time:1 Minute, 39 Second

Now banks will have to keep cash in their ATMs at all times. The bank which does not do so will have to pay a fine. The Reserve Bank of India (RBI) has given this strict order through a new circular. The Reserve Bank has said that this new rule will be applicable from October 1 this year.

RBI : If the cash is not kept continuously in the ATM then the bank will have to pay the fine
Image Source- Google | Image by- NewsTree

If there is no cash in an ATM for 10 hours in a month, then the Reserve Bank will impose a penalty on its bank. This step of the Reserve Bank is in the interest of the customers. Customers are often very upset due to non-availability of cash in ATMs of many banks.

What did the Reserve Bank say?

RBI : If the cash is not kept continuously in the ATM then the bank will have to pay the fine
Image Source- Google | Image by- Change.org

The Reserve Bank has said in its circular, ‘In review of the downtime of ATMs, it has been found that the general public is inconvenienced due to non-availability of cash. Hence it has been decided that Banks/White Label ATM Operators should strengthen their system of monitoring the cash availability at ATMs and ensure that they are filled with cash on time. Non-compliance with this rule will be taken seriously and a penalty may be imposed.

how much and when will the fine be imposed

The Reserve Bank said that a one-time penalty of Rs 10,000 will be imposed for such a mistake. In the case of White Label ATMs i.e. private ATMs also, the penalty will be imposed on the bank whose responsibility is to fill the cash in an ATM. However, if the bank wants, it can charge this penalty from the white label ATM operator according to its own.

RBI : If the cash is not kept continuously in the ATM then the bank will have to pay the fine
Image Source- Google | Image By- OneIndia

The Reserve Bank said that this new system is being implemented from October 1, 2021. Banks are being given time so that they can strengthen the system of monitoring and filling of cash in the meantime.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Continue Reading
Click to comment

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *