This is a piece of welcome news for all SBI, ICICI Bank, HDFC Bank, Axis Bank and other bank account holders who use their debit cards and credit cards at bank ATMs! The Reserve Bank of India (RBI) has issued an order on Wednesday clarifying that any ATM transaction that fails on account of some technical reasons or some other reasons will not be counted to the free 5 ATM transactions. The Central Bank in its order further clarified that non-availability of currency notes in the ATM shall not be counted as a valid transaction and no charges would be levied on that.
The RBI in a statement said on highlighted this:
1. Bank ATM transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are being included in the number of free ATM transactions.
2. Transactions which fail on account of technical reasons shall not be counted as valid bank ATM transactions for the customer.
3. These tech faults include glitches like hardware, software, communication issues; non-availability of currency notes in the ATM; and other declines ascribable directly or wholly to the bank or service provider; invalid PIN or validations; etc.
4. ATM transactions like balance inquiry, checkbook request, PIN change or any other non-cash withdrawal transactions would also not count in the free 5 ATM transactions.
5. Non-cash withdrawal transactions (such as balance inquiry, cheque book request, payment of taxes, funds transfer), which constitute `on-us` transactions, shall also not be part of the number of free ATM transactions.
RBI has also issued this order to all scheduled commercial banks including regional rural banks, urban co-operative banks, state co-operative banks, district central co-operative banks, small finance banks, payment banks, white-label ATM operators.