There is nothing technical in this news, but I feel this is an important news for all of us. I love this transition of Indian banking system from the paper ledger into adapting latest technologies.
The Reserve Bank of India has instructed that India banks not to charge for balance inquiries through ATM (Automated Teller Machines), with immediate effect.
RBI has also limited the fee for cash withdrawals from ATM at Rs 20 per transaction, irrespective of the amount withdrawn and the bank where the customer holds the account. This comes effect from March 31, 2008. All ATM cash withdrawals will be totally free from April 2009.
As I understand, All ATM usage will be free from April 2009. Customers can use ATM of any bank for any ATM transaction, for free.
The service charges for cash withdrawal with the use of credit cards and cash withdrawal in an ATM located abroad, may be determined by the banks themselves. According to the RBI, India has 32,342 ATMs as of December 31, 2007.
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RBI stated that ensuring the safety and security of the payment systems, it has put in place three modes of electronic payments, that is, Real Time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments through these modes have been steadily growing in the last few years.
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