Failed ATM transactions because of technical glitches or non-availability of currency will not be counted in regular free transaction
If your cash transaction at ATM is declined because of technical reasons or non-availability of currency, it will not be counted in your regular free transaction, said a recent statement of the national banking regulator.
It also said that non-cash transactions like balance enquiry, cheque book request, payment of taxes, funds transfer will not be part of the free ATM transactions. Bankers in the know of the decision and consumer right activists have hailed the decision.
In its recent note, the Reserve Bank of India (RBI) said: "It has come to our 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 is hereby clarified that transactions which fail on account of technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly or wholly to the bank or the service provider; invalid PIN or validations; etc., shall not be counted as valid ATM transactions. Consequently, no charges shall be levied".
RBI directive
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| Failed ATM transactions because of technical glitches or non-availability of currency will not be counted in regular free transaction |
| Non-cash transactions like balance enquiry, cheque book request, payment of taxes will not be counted as well |
DNA tried to speak to some top bankers in the city; though they were not aware of the decision, they hailed the move as consumer-friendly. "Ideally, this should have been the case since the beginning. It is good that things are now clarified," said a top banker, who did not want to be identified. A bank account holder is given five free transactions per account. Of these, three are allowed for transactions from home branches, while two transactions are allowed for non-home branches.
Hailing the decision, Mukesh Parikh, president of Consumer Protection and Action Committee said that if a consumer is trying to avail service through a debit card but is declined because of bottlenecks, he has to be compensated for the failed transaction.
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