Mumbai: The Reserve Bank of India (RBI) here on Saturday, June 15, has decided on a new policy regarding the “No Cash” boards that are put up at the ATMs of the country, especially during the holidays and weekends.
According to reports, the RBI will henceforth penalise such banks which fail to deposit the cash in the ATMs by 3 hours after the machines run short of money.
It has also issued a circular to all the banks in country, regarding the same.
The RBI sources have informed that the reason behind such a policy is because the banks now were technologically advanced with a capacity of assessing the reports on the calculation of total money reserve and that this should not harm the process of withdrawing cash from ATMs or cause shortage in them.
It has also taken into consideration the nominal fee that the banks impose. This fee is applicable when an individual tries to withdraw money from a bank’s ATM where they do not have an account.
