In what comes as a big relief to consumers in need of cash from ATMs, the Reserve Bank of India (RBI) on Tuesday decided to levy monetary charges on ATMs that run out of cash, starting 1 October, 2021. It further stated, "Therefore, been decided that the banks/ 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. “In the case of white label ATMs, the penalty would be charged to the bank which is meeting the cash requirement of that particular white label ATM. RBI further said that banks shall submit a system-generated statement on downtime of ATMs due to non- replenishment of cash to the 'Issue Department' of RBI under whose jurisdiction these ATMs are located. In case of WLAOs, RBI stated that the banks which are meeting their cash requirement shall furnish a separate statement on behalf of WLAOs on cash-out of such ATMs due to non-replenishment of cash.

Source: Mint August 10, 2021 14:37 UTC