Madras HC serves notice to RBI, IBA on challenge made for ATM regulations

The Madras High Court ordered a notice to the Reserve Bank of India and the Indian Banks Association on a challenge made w.r.t the usage and the no. of transactions to take place at the ATM’s in the six metros. The matter was duly filed taking into consideration the interest of the General Public to simply quash the circulars previously issued.

RBI had issued the circular based on representation from a few banks without considering the benefit for the public at large.

The change, as per circular issued on Aug 14,2014 (with clarifications on October 10,2014,) would limit the total free transactions, including non-financial, at other bank ATMs to three from the existing five.

However, if the transactions were carried out in places other than the six metros, the number of free transactions would continue to be five.

The RBI’s new guidelines are applicable for bank customers in six metros of Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore.

Besides ensuring better and quality service, the banks would also immensely benefit as their service is availed by the customers and flow of money is healthy.

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