New Delhi/Bhubaneswar: August 10: Banks will be charged with penalties for non-availability of cash in ATMs.
Taking into consideration over the inconvenience caused to public due to the non-availability of cash in ATMs, RBI has decided penalize Banks for failure to timely replenish currency notes in ATMs.
This will be effective from October 1, 2021. It is said, cash-out at any ATM of more than 10 hours in a month will attract a flat penalty of Rs 10,000 per ATM.
In case of White Label ATMs (WLAs), the penalty would be charged to the bank which is meeting the cash requirement of that particular WLA.
The bank, may, at its discretion, recover the penalty from the WLA operator, said an RBI notification.
“The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular.
The RBI has now decided that the banks or 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 as per the “scheme of penalty for non-replenishment of ATMs”.
As per the scheme, banks shall submit a system generated statement on downtime of ATMs due to non-replenishment of cash to the Issue Department of the RBI under whose jurisdiction these ATMs are located.
