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ATM card holders in the city will soon have to limit their transactions from other bank ATMs to two
Posted on: 05/Aug/2014 9:32:44 AM
The ATM card holders in the city will soon have to limit their transactions from other bank ATMs to two.
Thereafter, Rs. 20 will be charged on every transaction. Earlier the number of transaction allowed from ATM of other banks was up to 5.
However, the changes will not be applied to rural areas.
The Reserve Bank of India have ordered all banks about the decrease in number of transactions from third party ATMs. RBI also instructed banks to provide the details of nearby ATMs to people living in rural region.
The banks have been demanding to reduce the transactions from third party ATMs from a long time. They also want that some amount should be charged after the user crosses the limited number of transactions.
According to banks, people misuse the facility of free third party ATM transactions. The account holder makes as many transactions as he wishes which leads to loss to banks.
Banks also believe that the new directions given by RBI regarding security arrangements and security guards at the ATMs had led to increase in their charge.
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