If there is no cash in ATM, then bank will be fined, RBI’s new rule will be applicable from October 1 l RBI New Rules: Bank will be fined if there is no cash in ATM, new law will come into effect from October

Mumbai: RBI New Rules: People often face difficulties due to unavailability of cash at ATMs. Recognizing this problem, the Reserve Bank of India (RBI) has taken a major decision. According to the new rules, if cash is not available at the ATM, the bank will have to bear the liability.

The new rule will be applicable from October 1.

If ATMs remain empty for more than 10 hours in a month from October 1, 2021, RBI (RBI) Penalties will be levied from the respective banks. The RBI has issued a circular stating that the bank will impose a penalty if the ATM is not filled within the stipulated time.

Also Read: RBI New Rule: Pay attention to this before paying the check at the bank! Otherwise there will be huge losses

The RBI has taken this step to ensure that adequate cash is available to the public through ATMs. The RBI took the decision after reviewing the downtime of ATMs due to cash-out.

Also Read: FD Rules Changed: Forgot to withdraw your FD amount? Note the RBI’s new law

What is the penalty in the bank? (How much will be the fine on the bank?)

The RBI has said it will impose a fine of up to Rs 10,000 for not having cash at an ATM for more than 10 hours a month (RBI) Says. In the case of white label ATMs, banks will be fined. Even if the bank takes the services of any company to deposit money in the ATM, the fine has to be paid by the bank itself. The bank may then charge a fine from the white label ATM company.

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