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Banks will pay fines if ATMs run out of cash from October 1st

Banks will pay fines if ATMs run out of cash from October 1st

The Reserve Bank of India has announced a penalty for banks and non-banking entities if the automated teller machines, or ATMs, operated by them run out of cash for more than 10 hours a month.

  • From 1st October 2021, banks will have to pay a flat Rs 10,000 penalty per ATM if their machines run out of cash beyond the stipulated time limit.
  • In Jun 2021, banks are allowed to increase charges on using ATM machines to Rs 21 per transaction from January 1, 2022. prior to this, charge was Rs 20 per transaction.

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Banks will pay fines if ATMs run out of cash from October 1st 1
Yashhuuhttps://www.prepareexams.com
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