Guwahati: Reserve of Bank of India has decided to penalize banks in case the ATMs of the respective banks run out of cash from October 1, 2021.
According to a circular given by RBI, a penalty of Rs. 10,000 per ATM will be charged if the ATMs go cash out for a period of more than 10 hours in a month. The scheme will be applicable from October 1.
The decision has been taken to ensure sufficient cash is available to the public through ATMs.
For the ATMs with white labels, the banks fulfilling the money requirements for the particular ATM will have to deal with the penalty. In this situation the bank might recover the charged amount from the white label ATM, the Apex bank said.
The RBI stated that banks shall submit system-generated statements on the downtime of ATMs due to non- replenishment of cash to the Issue Department of RBI under whose jurisdiction these ATMs are located. In the case of WLAOs, the banks which are meeting their cash requirement shall furnish a separate statement on behalf of WLAOs on cash-out of such ATMs due to non-replenishment of cash. Such statements shall be submitted every month within five days of the following month i.e., first such statement for the month of October 2021 shall be submitted on or before November 05, 2021, to the Issue Department concerned.