ATM (Automated Teller Machine) is used to perform financial actions. Mainly it is used for checking balance, transferring money, printing statement, depositing money and more importantly withdrawing cash. It is really nice concept to have ATM near you to provide financial services by banks. After digital revolution the use of ATM is limited now, because many customers use banking apps like U-Mobile (of Union Bank of India), YONO (by State Bank of India) and similar other apps to perform financial tasks. Now customers can easily send money to any bank's account number using their mobile phone, they can also get statement details and maintain the account digitally.
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| RBI ATM Rules w.e.f. - 1 October, 2021 |
But customers cannot take cash money / hard money directly from these mobile phones. They need to visit nearby banks or ATM physically to take cash. By the way new technology has replaced ATM Debit card for purpose of swiping money for withdrawal of cash, they can use wireless PIN through message using YONO/similar apps.
Many times while vising ATM we had to face critical problems like ATM machines not working or more commonly the ATM being out of cash. This was a common problem that we customers had to face. This concern was reported to Reserve Bank of India (RBI), taking this concern the apex bank of India RBI has released a notification previous month regarding the compulsion of availability of cash in ATM. This is a very good gesture by the apex bank of India and indeed this will make easy banking and financial services avoiding the inconvenience that customers had to face before.
As per the new guidelines of the RBI, every bank should ensure the availability of cash in ATM, they should focus in logistic services and should ensure that every ATM at all locations of the bank must have sufficient money and the ATM must not go cash out. If any ATM remains cash out for more than 10 hours a month, the bank will be liable for penalty of INR 10,000/- per ATM. This will ensure availability of cash in ATMs, thus customers will enjoy hassle free banking services 24*7. This rule will be effective from 1st October, 2021.
By the way commercial banks are not happy by this guideline of RBI, but the apex bank of India has already given some exemption for not availability of cash in ATM in particular conditions like strike and major other accidents. Actually, unavailability of cash in ATM was a major usual problem in India, it will really affect the banking experience in coming days.
Hope this article is useful for you. You can speak out in comment section that you have in your mind regarding this update of RBI. Also you can watch video about नया नियम: ATM में कैश खत्म तो बैंक देगा 10000 का जुर्माना | RBI to change ATM cash withdrawal rules
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