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New RBI directive on non-cash transactions

The Reserve Bank of India clarified that banks should not treat failed transactions at ATMs or non-cash transactions such as balance enquiries or cheque book requests as part of 5 free transactions available to customers every month. The central bank stated in a notification that it had come to its notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc, are also included in the number of free ATM transactions. It said such transactions should not be counted as valid ATM transactions for the customer and consequently, no charges should be levied. Non-cash withdrawal transactions (such as balance inquiry, cheque book request, payment of taxes, funds transfer, etc.), which constitute ‘on-us’ transactions (i.e., when a card is used at an ATM of the bank which has issued the card) should also not be part of the number of free ATM transactions, it added.

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