When you go to withdraw cash from ATM, many times you have to face the problems of going from one ATM to another due to out of cash in ATM or running out of cash. In view of this problem of the people, RBI has issued a new guideline for ATMs of all banks in the country. According to this guideline, if the customer of any bank goes to the ATM and there is no cash in that ATM, then the bank will have to bear the damages.
Now if there is no cash in any ATM, then the bank of that ATM will have to pay the fine. This rule is effective from 1 October. The Reserve Bank of India has said in a statement that the complaint of non-availability of money in ATMs has been looked into. In its review, it was found that if the operation of ATMs is not done or affected due to lack of money, then the common people have to face huge problems. Therefore, it has been decided that banks or white label ATM operations should fine-tune their systems and monitor the availability of cash in ATMs so that the shortage of money can be removed. Failure to comply with this rule will be taken seriously and fines will be imposed.
RBI has issued a circular in this regard. In this circular, it has been said that the bank will be fined if the money is not deposited in the ATM on time. RBI has taken this tough decision because banks should be responsible for having money in ATMs and do not take any kind of negligence. RBI took this decision after reviewing the downtime of ATMs due to cash-out.
According to the decision taken by RBI, if there is no cash in a bank’s ATM for 10 hours in a month, then in that case a fine of up to Rs 10,000 can be charged. Apart from this, even if the bank is taking the facility of any company to put cash in the ATM, then the fine will have to be paid by the bank itself. Even if the bank recovers the money from that company later.