The Reserve Bank of India (RBI) has decided to charge penalties on banks for the non-availability of cash in ATMs. Starting October 1, 2021, cash-out at any ATM of more than 10 hours in a month will attract a flat penalty of Rs 10,000 per ATM. It will provide a huge relief to the common man.
“The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular.
The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs.
