RBI to impose fine on banks whose ATMs run out of cash from October 1st

By VARINDIA - 2021-08-11

RBI to impose fine on banks whose ATMs run out of cash from October 1st

In a big relief for the common citizens, the Reserve Bank of India has decided to charge penalties on banks for non-availability of cash in ATMs. The RBI has launched the ‘Scheme of Penalty for non-replenishment of ATMs’, which will come into effect in October. Under the scheme, a penalty of Rs 10,000 per ATM will be levied if they are out of cash for more than 10 hours per month. The Reserve Bank of India (RBI) has directed all banks and white label automated teller machine operators to ensure that ATMs never run out of cash.

 

Explaining why the new rule will be implemented, the RBI said in a statement: “A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public. Therefore, been decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor the 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 a monetary penalty.”

 

In the case of white label ATMs, the penalty would be charged to the bank that is meeting the cash requirement of that particular machine. The bank will be allowed to recover the penalty amount from the white label ATM’s operator.

 

The Scheme of Penalty will be administered by the ‘Issue Departments’ of the regional offices of the bank. The competent authority to impose the penalty will be the officer-in-charge of the Issue Department of the regional office under whose jurisdiction the ATMs are located.

 

To appeal against the decision of the competent authority, banks/ WLAOs will have to reach out to the regional director/officer-in-charge of the regional office concerned, within one month from the date of imposition of penalty. Appeals would be considered only in cases of genuine reasons beyond the control of bank/ WLAOs such as the imposition of lockdown or strike.


 CIO  - SPEAK
Start-Up and Unicorn Ecosystem
 SOFTWARE  Placeholder image
AMD intros Kria KR260 Robotics Starter Kit for Intelligent Factory of the future

AMD intros Kria KR260 Robotics Starter Kit for Intelligent Factory of the future

AMD announced the Kria KR260 Robotics Starter Kit, the latest addition to the Kria portfol...

West Midlands Police deploys Exterro’s Cloud-based Digital Forensics Platform

West Midlands Police deploys Exterro’s Cloud-based Digital Forensics Platform

The provider of Legal GRC software, Exterro Inc. announced that the West Midlands Police a...

Kyndryl and NetApp together to help customers transform business

Kyndryl and NetApp together to help customers transform business

Kyndryl and NetApp announced a global alliance to help customers transform their businesse...

VARINDIA SIITF
SOUTHERN INDIA INFORMATION TECHNOLOGY FAIR (SIITF) -2018
BANGALURU
VARIndia - Star Nite Awards
STAR NITE AWARDS(SNA) - 2018
NEW DELHI
VARINDIA - OITF
ODISHA INFORMATION TECHNOLOGY FAIR(OITF)-2019
BHUBANESWAR
VARINDIA - WIITF
WESTERN INDIA INFORMATION TECHNOLOGY FAIR(WIITF) - 2019
MUMBAI
 INDUSTRY EVENTS Placeholder image
Industry leaders layout the collaborative 5G Opportunities and capabilities for country’s digital transformation

Industry leaders layout the collaborative 5G Opportunities and capabilities for country’s digital transformation

Leading telecommunications experts and industry leaders connected and brainstormed ideas f...

VeeamON 2022 kicked off with insightful sessions on data protection

VeeamON 2022 kicked off with insightful sessions on data protection

Veeam Software has kicked off its annual user conference, VeeamON 2022, delivering a rich,...

DoT, Rajasthan LSA conducts webinar on awareness for mobile tower myths and tower frauds

DoT, Rajasthan LSA conducts webinar on awareness for mobile tower myths and tower frauds

Department of Telecommunications (DoT), Jaipur License Service Area (LSA) organized an awa...

Microsoft Future Ready Industry week stresses on key trends driving digital transformation in the ITES sector

Microsoft Future Ready Industry week stresses on key trends driving digital transformation in the ITES sector

Microsoft’s Future Ready Industry week, ITES edition brought together industry lumin...


Copyright varindia.com @1999-2022 - All rights reserved.
Reproduction in whole or in part in any form or medium without express written permission of Kalinga Digital Media Pvt. Ltd. is prohibited.
Other Initiatives : www.mybrandbook.co.in | www.spoindia.org

advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription advertisement video production, home video distributors, home video company, List of PC Magazines, Best online PC Magazines, Top Online PC Magazines in India, Best online PC Magazines in India, Best PC Magazine, PC Magazine Subscription