Failed ATM transactions not to be counted as “Free transactions”: RBI

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The Reserve Bank of India (RBI) has asked banks not to count failed transactions due to technical reasons at ATMs as part of “free ATM transactions”, which is permitted every month. 

It may be noted that banks provide a certain number of free transactions at ATMs to their customers beyond which they impose charges.

Using ATMs for balance inquiry and fund transfers also should not be part of the free transactions facility given to a customer.

Further, the RBI clarified that transactions which fail due to technical reasons, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer. Therefore, no charges will be levied, said the central banking institution.

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