| Topic : Indian Banks: Taking Banking Technology to the Common Man |
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Banking & Insurance Professionals |
Business & Strategy |
ICICI Bank |
6 more ...
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Activity:
3 comments
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last activity : 07 06 2010 20:18:04 +0000
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Recently we had a debate on our platfrom regarding should banks charge third party ATM withdrawls or not, recent news regarding that indicates that the banks have decided to put a Rs 10,000-cap per third-party ATM cash withdrawal from October 15, besides limiting such transactions to five in a month.
Indian Banks’ Association (IBA), which is the industry lobby of Indian banks, has sent a circular to its 150 odd member banks directing them to implement the decisions from mid-October. IBA has sent a circular to all banks asking them to implement these decisions on third-party ATM transactions from October 15.
Early this month, the Reserve Bank of India (RBI) had put a Rs 10,000-cap per withdrawal from ATMs not owned by the bank in which the customer has an account, besides limiting such transactions to five in a month.
The apex bank had sent a communication in this regard to Indian Banks’ Association. IBA had submitted its recommendations to the central bank last month citing the financial burden faced by banks on account of huge number of third-party usage and small-ticket withdrawals. Earlier RBI had declared third-party ATM usage, including cash withdrawals and account enquiries, free for all customers and said that banks can charge Rs 18-20 per month from other banks in case of third party ATM transaction.
With the number of third-party transactions surging post-April, banks approached RBI through IBA to revisit the current norms and make necessary modifications. Though IBA had also recommended a minimum limit of Rs 1,000 on third-party ATM withdrawals, this was rejected by RBI to protect the interest of small withdrawers.
What are your views on this?
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