A representative of the Confederation of ATM Industry said ATM players were not consulted about the move and they received the news via media platforms.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
Did the transaction fail? Did you receive your money on time?
The average, fixed cost of setting up an ATM is estimated at Rs 600,000-800,000. There are about 30,000 ATMs in India. The RBI norms will enable small banks to benefit from low-cost, switch-enabled ATM services without opting for expensive bilateral tie-ups.
So what if your bank has imposed/will impose a transaction fee of Rs 20 for using ATMs after your fifth visit in a month? You can still remain within your free transaction limits and avoid being charged at all. Wondering how it is to be done? Read on.
Take a break and rest your tired heels in a dysfunctional ATM.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address, the RBI has said. Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels. Following up on Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same.
India is an under-penetrated ATM market with only 98 ATMs for every 10 lakh of population.
Readers share their bitter-sweet experiences at the ATM.
Many sections of the society including small traders, restaurant owners, transporters started feeling the heat as the dependence on cash is very high
The accused had obtained mobile phone SIM cards in fake names and used to take betting amounts from people through QR codes, the official said.
We may turn our noses up at those who do it but that doesn't mean we haven't done one (or all) of these things at an ATM.
Sources at the bank told Business Standard that talks were on with 2-3 vendors and the final decision is expected in the next 2-3 weeks.
The new fee structure would come into effect from July 1.
'The Abdullah family is the problem and facilitator of the instability that we are seeing in Kashmir.'
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details.
The central bank said it had issued instructions to banks to ensure that under no circumstances forged banknotes got dispensed through ATMs or across exchange counters.
A reader shares his shocking experience at the ATM.
Valentin Boanta, sitting in his jail cell, proudly explains the device he has invented could make the world's ATMs impregnable even to tech-savvy criminals.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
Country's largest private sector lender ICICI Bank has announced a hike in its ATM charges for saving account holders from January 1 next year.
Chennai-based financial services technology company, Polaris Software Lab, has come out with a new technology that would allow insurers to sell their products and collect renewal premium through ATMs. The company is in talks with two insurers for implementing its solution.
50-year-old Singh is believed to have been visiting his parents in Delhi and was expected to return to Mumbai. However, the actor has not been heard from since April 22.
Here are a few things you should keep in mind when you're using an ATM.
A woman was robbed of her gold jewellery, cellphone and ATM card by an unidentified person after he terrorised.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
Bangalore resident Ramesha SG tells us how he left his card at the ATM and lost Rs 26,000.
The insurance brokerage had experience of settling claims in Jammu and Kashmir and Visakhapatnam in Andhra Pradesh during natural catastrophes earlier this year.
At times, banks violate all banking norms, resulting in a customer's accounts wiped clean through illegal ATM withdrawals.
Indian Grandmaster Arjun Erigaisi was stunned by Nikolas Theodorou of Greece in the second round of Sharjah Masters chess tournament in Sharjah.
Banks with a large network of automated teller machines will now be able to generate additional revenue by advertising financial products offered by other institutions.
The Reserve Bank will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy.
WLA operators will have an option to provide facilities for Dynamic Currency Conversion for international cards.
Russia's leading computer security labs have warned of a new software virus which infects Automatic Teller Machines (ATM) to steal money from bank accounts of their users.
The ATMs will open on Friday and at many places they will open on Thursday, he said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances