ATM usage restriction is not against customers interest
Posted on: 25/Feb/2015 9:10:34 AM
Pointing the recent restriction imposed by the Reserve Bank in free use of ATM transactions in a month, the bank says this is not against customers’ interest.
The matter is mentioned to be sub judice. The government aims at protecting the interests of account holders, mentions Arun Jaitley, the Finance Minister in a written reply given to Rajya Sabha. The Finance Minister was replying to questions shot to him about the unnecessary tax imposed on account holders and for the recent rule of restricting ATM usage by RBI, and about the measures taken by the government to protect customers’ interest.
A note on ATM usage restriction:
It was in August 2014 that RBI restricted the total number of free ATM transactions from 5 to 3 under the Payment and Settlement Systems Act. This includes both financial as well as non-financial transactions in all six metro cities including Chennai, Mumbai, New Delhi, Kolkata, Bengaluru and Hyderabad. This restriction is however not applicable for small savings, no frills or basic savings account holders.
