Banks Will Have To Pay Heavy Fines If ATMs Run Out Of Cash From Oct 1

In a great relief to customers who are in need of withdrawing cash from ATMs, the Reserve Bank of India (RBI) on Tuesday decided to impose heavy monetary penalty on banks if their ATMs run out of cash from 1 October 2021.

“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,” RBI said in a statement.

The Central bank further stated it has been decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty.

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