CS Lalit Rajput
Quick Summary
Key Highlights Banks to be fined for non-availability of cash in ATMs. The RBI will start imposing penalties on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. Banks will have to submit a system-generated statement on the d
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The scheme will be effective from October 1, 2021.
A flat penalty of Rs. 10,000 per ATM will be imposed for cash-outs exceeding ten hours in a month.
An ATM can be out of cash for a total period of up to ten hours in a month before attracting a penalty.
In the case of White Label ATMs, the penalty will be charged to the bank that meets the cash requirement of that particular WLA.
Banks must submit a system-generated statement on the downtime of ATMs due to non-replenishment of cash to the RBI's Issue Department.
Yes, the bank may, at its discretion, recover the penalty from the White Label ATM operator.
CAclubindia
