Reserve bank of India has recently put cap on unlimited cash withdrawal from other bank’s ATM ( Automatic Teller Machines) as well as maximum withdrawal amount. As per reports and new RBI guidelines, one banking customer will be able to withdraw maximum 4 times in a month from other bank’s ATM and maximum withdrawal amount is fixed at Rs. 10,000/-. After 4 numbers of withdrawal, banking customer will be charged with Rs. 20 for each transaction.
While it may be true that unlimited number of withdrawal may not be practical, but only 4 times withdrawal is too low. Number of withdrawal should be at least 10 and also amount should be increased to Rs. 25000/-. Overall, RBI may have given in to pressure from banks compromising banking customers interests. Here is the news :
MUMBAI: The Reserve Bank of India (RBI), which made third-party ATM transactions free from April, has said not more than Rs 10,000 can be withdrawn each time they are used and limited the number of such transactions to five a month. Source.
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