Thursday, August 14, 2014

#RBI cuts free ATM transactions to 3 from 5 a month

RBI cuts number of free transactions at ATMs of other banks in metros to 3 from 5 a month and imposes charge of Rs 20 on additional use inline with the recommendations made by the Indian Banks’ Association, in an effort to cut down on cash transactions in the economy.

IBA recently recommended a change to include all the ATM transactions, including the own-bank ones, to 5 per month in view of rise in costs due to additional security measures being put in place following the Bangalore incident wherein a person was brutally attacked at the ATM.