savramesh 37 Report post Posted March 29, 2009 (edited) Come 1st April and you need not have to sweat it out looking for an ATM of your own bank as you can use ATMs of your choice without shelling out any extra money. Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from 1st April onwards. However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India. Last year on 10th March, the RBI had come out with guidelines limiting the fee charged by banks for using their ATMs by clients of other lenders to Rs 20. It had also allowed the use of ATM for purposes like balance enquiry free of any charge. This was to ensure greater transparency and to facilitate usage of any ATM installed within the country by customers without shelling out more, the central bank had said. At present, banks charge Rs 20 per transaction when a customer uses the cash machine of any bank other than the one in which he/she has an account with. At the end of December 2007, there were 32,342 ATMs in the country and various banks have entered into bilateral and multi-lateral arrangements with other banks to have inter-bank ATM networks. (NZ-29/03) Source DD News Edited August 22, 2009 by savramesh Share this post Link to post Share on other sites
djain1989 16 Report post Posted March 29, 2009 Am soo happy!! Official link is here http://www.ddinews.gov.in/Business/Busines...dlines/dfdf.htm Share this post Link to post Share on other sites
tanveer 59 Report post Posted March 29, 2009 That is great news. Only if it is not a 1st april prank by the RBI. Share this post Link to post Share on other sites
savramesh 37 Report post Posted March 29, 2009 (edited) ^^^ haha really funny.. anyway it will help reaching a nearest anybank ATM instead of going to a far same bank ATM.. also helps while in roaming, we can withdraw from any visible ATM, dont have to search for ATM. i have used City guide by reliance many times to find an ATM in cities where i go.. Edited March 29, 2009 by savramesh Share this post Link to post Share on other sites
Saurav 22 Report post Posted March 29, 2009 A great move! Share this post Link to post Share on other sites
SantoshRoyal 16 Report post Posted March 29, 2009 (edited) that's really great Edited March 29, 2009 by SantoshRoyal Share this post Link to post Share on other sites
Greatest 55 Report post Posted March 29, 2009 Its a great move... hope its implemented without any special charges by the banks... Share this post Link to post Share on other sites
supernova 47 Report post Posted March 29, 2009 great move . will help lot op people who are using atm of bank which do not have so many atm . Share this post Link to post Share on other sites
Dj 25 Report post Posted March 29, 2009 it is bound to assist banks with lesser atms... mainly the mnc ones... my bank, hsbc, has been offering this to me for the past two years... Share this post Link to post Share on other sites
situ1962 21 Report post Posted March 29, 2009 That's a great move.it will certainly help people in general and those travel a lot in particular.really many times finding an atm of same bank in a new place is very difficult.thanks to RBI. Share this post Link to post Share on other sites
thinkpositive 0 Report post Posted March 30, 2009 for me too.. i am enjoying these service for the last 3 years (can use any bank ATM without any charge). I am with ICICI. Share this post Link to post Share on other sites
@v@nit 3 Report post Posted March 30, 2009 It's realy great news! Share this post Link to post Share on other sites
abkumar 11 Report post Posted March 30, 2009 Positive Step by RBI Good , I appreciate the commitment of RBI towards common man....... Share this post Link to post Share on other sites
city02 63 Report post Posted March 31, 2009 i like playing devil's advocate: the country has - along with many other items/goods - very few ATMs for the banked population this under-penetration can only be resolved if it makes financial sense to deploy new ATMs transparency in charges is actually more important than making it free and discouraging any new ATMs being set up outside urban areas had the rule been that the charge inclusive of all taxes must be posted on each ATM in English, Hindi, and the regional language; the customers would know before stepping in how much they would have to pay and can decide if its worth it to pay Rs. 50 or go further and maybe pay only 25/= at the next one this would encourage unserved areas to get ATMs also since the choice many customers face is no ATM in their neighborhood vs paying fees for the convenience this move will actually hurt the 'common man' in the long run due to shortage of ATMs short term gain = long term pain there will be very little 'pain' in the metros of course - only rural & semi-urban areas will suffer the most Share this post Link to post Share on other sites
savramesh 37 Report post Posted August 22, 2009 RBI limits free use of ATMs Source Mumbai: The Reserve Bank of India , which made third party ATM transactions free from April, has said not more than Rs 10,000 can be withdrawn each time they are used and limited the number of such transactions to 5 a month.— PTI Share this post Link to post Share on other sites
city02 63 Report post Posted August 24, 2009 glad it took the RBI only 4 months to rationalise the free usage policy after the post: this under-penetration can only be resolved if it makes financial sense to deploy new ATMs transparency in charges is actually more important than making it free and discouraging any new ATMs being set up outside urban areas had the rule been that the charge inclusive of all taxes must be posted on each ATM in English, Hindi, and the regional language; the customers would know before stepping in how much they would have to pay and can decide if its worth it to pay Rs. 50 or go further and maybe pay only 25/= at the next one this would encourage unserved areas to get ATMs also since the choice many customers face is no ATM in their neighborhood vs paying fees for the convenience this move will actually hurt the 'common man' in the long run due to shortage of ATMs Share this post Link to post Share on other sites
