INSUBCONTINENT EXCLUSIVE:
The Reserve Bank of India (RBI) has asked banks not to treat failed transactions at ATMs or
non-cash withdrawal transactions such as balance enquiries or cheque book requests as part of "five free transactions" available to
Currently, transactions failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free
These transactions shall not be counted as valid ATM transactions for the customer, RBI said in a circular on Wednesday
"Consequently, no charges will be levied on these failed transactions," it added
Here are 10 things to know about RBI's announcements:The central bank 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/ wholly to the bank / service provider; invalid PIN / validations; etc., shall not be counted as valid ATM transactions
for the customer.Non-cash withdrawal transactions (such as balance enquiry, 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) shall also not be part of
the number of free ATM transactions, RBI added.Earlier in 2014, RBI mandated minimum number of free transactions at ATMs
locations -Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad - banks offer a minimum of three free transactions in a
maximum five per month.Customers are charged for transactions at ATMs over and above the mandated number of free transactions.Currently,
these charges cannot exceed a maximum of Rs 20 per transaction (plus applicable taxes, if any) by banks, according to RBI.These ATM
transaction rule does not apply to Basic Savings Bank Deposit Account (BSBDA) as the number of withdrawals from BSBDA is subject to the
conditions associated with such accounts.Get Breaking news, live coverage, and Latest News from India and around the world on
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