- IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee
- Dalal Street Corner: Bank, FMCG stocks help Nifty clear crucial hurdle of 15,800; what should investors do on Tuesday?
- Despite windfall tax, brokerages remain bullish on oil & gas stocks; see up to 70% upside on ONGC, Oil India
- Rupee settles flat at 78.94 against US dollar
- Akasa Air showcases crew uniform; conducts proving flight test
Found no cash in ATM? Here's good news! Now, banks may pay penalty
You may have felt annoyed several times after finding your nearby ATM running dry. Maybe now, the time has come for the banks to be annoyed!
You may have felt annoyed several times after finding your nearby ATM running dry. Maybe now, the time has come for the banks to be annoyed! According to an exclusive DNA report published today, the Reserve Bank of India (RBI) may impose a penalty on banks if their ATMs run dry and fail to dispense cash for over three hours. The report quoted a source as saying that the circular has already been sent to the commercial lenders. Banks have, however, denied getting such circular from the RBI. The report quoted a senior State Bank of India official as saying they have not received any circular so far.
Banks get a warning about depleting cash in the ATMs through installed sensors in the teller machines. The source said that sometimes dry ATMs are not re-filled with cash immediately "due to the lackadaisical attitude of banks". The cash problem gets worse in rural areas where people are forced to go to banking correspondents in such a situation and end up paying higher charges.
Recently, the RBI set up a committee to look into the whole gamut of ATM charges and miscellaneous issues. The panel is led by Indian Banks' Association (IBA) chief executive officer VG Kannan.
In order to ensure ATM security, the RBI on Friday asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports.
In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit. The central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security on the based on the recommendations of the panel. (With agency inputs)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.