Tired of standing in ATM queues just to realise that the ATM was out of cash when your turn came? Well that situation is set to change. Keeping in mind customer ease and care the RBI has has directed all banks to ensure that ATMs never run out of cash or else a penalty will be levied.
The RBI has launched the ‘Scheme of Penalty for non-replenishment of ATMs’, which will come into effect in October. Under the scheme, a penalty of Rs 10,000 per ATM will be levied if they are out of cash for more than 10 hours per month.
RBI said in a statement: “A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.”