Insta
Banks To Now Be Held Accountable For Cash Shortage In ATMs; RBI Issues Circular Warning Of Penalties
Customers line up next to an ATM in Siliguri: Photo credit: DIPTENDU DUTTA/AFP/GettyImages
Banks across the nation may end up paying penalties should their ATMs run dry, thus failing to dispense cash for more than three hours and creating inconvenience for the customers, reports DNA.
The Reserve Bank of India (RBI) has already issued a circular to all the banks to this tune, claimed the report.
Despite remonetisation by the government, ATMs across several small cities and rural areas are said to have been running out of cash for several hours., thus resulting in big queues.
The RBI had set up a committee headed by Indian Banks' Association (IBA) chief executive officer V G Kannan to look into the matter.
The central bank, in 2018, found the cash withdrawal rate to be much higher than deposits in many states, leading to a severe cash crunch. This was more prevalent in states like Bihar, Telangana, Andhra, MP, UP, Rajasthan, Karnataka and Maharashtra.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
