New Delhi: The Reserve Bank of India (RBI) shall now impose a penalty on banks if they run out of cash in their ATMs for more than three hours, sources confirmed.
The same has been informed to respective banks warning them of attracting a penalty of their ATMs run dry for several hours to few days straight in many places across India, Zee news reports.
The ATMs have sensors installed in them which notify the banks regarding the exact amount of cash in these machines but sometimes these banks chose not to refill them.
Speaking of rural areas where the problem is persistent, people are forced to go to banking correspondents in such situations and are levied various charges for the transaction.
The RBI has recently constituted a committee to review the ATM Interchange Fee Structure that will examine the entire gamut of ATM charges and fees.
This committee is set up with the view to give a fillip to the ATM deployment in the unbanked areas said the RBI.