RBI

Tomorrow onwards you need not shell out any extra money to use ATM of any bank, thanks to a directive by the Reserve Bank.

Inorder to provide relief to common people, Banks have been asked the regulator not to charge any fee for cash withdrawals using ATM or Debit cards issued by other banks from April 1st onwards.,

However banks can charge for withdrawal on credit cards.

Under this circumstances, Oriental Bank of Commerce plans to widen their ATM centre.
They might open 60 ATM centres.

"We are planning to open 60 more ATMs to facilitate cash withdrawal," OBC Executive Director S C Sinha said.

When asked about the strategy the largest private sector lender ICICI will adopt to comply with the regulation, a bank's spokesperson said, "We will abide by the RBI directions".

Last year on March 10, the RBI had come out with guidelines limiting the fee charged by banks for using their ATMs by clients of other lenders to Rs 20. It had also allowed the use of ATM, for purposes like balance enquiry, free of any charge.

This was to ensure greater transparency and facilitating usage of any ATM installed within the country by customers without shelling out more, the central bank had said.

At present, banks charge Rs 20 per transaction when a customer uses the cash machine of any bank other than the one in which he/she has an account with.

Various banks have already entered into bilateral and multi-lateral arrangements with other banks to have inter-bank ATM networks.