RBI has taken a grand step of changing ATM transaction rules for the benefit of consumers. This step is being seen as a big relief for the consumers. Issues like “transaction failed”, balance enquiry, cheque book request, tax payment and fund transfer will not be counted as ATM transactions. In case consumer attempts an ATM transaction and enters wrong PIN, it will also not be counted as a transaction. RBI also clarified that no charges will be levied for a failed transaction.
It may be noted that some banks provide the facility of free transactions on ATM for a certain period of time, after which charges are levied. This will not happen from now on following the directives issued by RBI. All banks are now required to follow these new rules by RBI strictly.