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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