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Recently, RBI announced to free cash withdrawals from all banks ATMs across the all over India. According to the term there will be no charged for the cash withdrawals from any ATMs in the country. It is the good news for all customers who have ATM cards
The announcement is not new. Already there were big contracts by many banks to co-operate each other. SBI had already contracted with many banks to withdraw cash without any charge.
There were an announcement also about free withdrawals from any ATMs till 2010 but it is now 2009 when the RBI announced to launch the feature for the ATM cards holders of any banks.
The announcement will be followed by April 1 onwards of 2009. However, a customer can be charged for cash withdrawals if he uses credit cards or ATMs located outside India.
RBI already had limited charge last year. By the RBI guidelines charge was RS. 20. Now, RBI has also allowed to check balance by free of cost by any ATMs.
Now, the charge is running Rs 20 per transaction whenever a customer uses ATM machine to withdraw cash from another banks ATMs.
According to the survey at the end of the December, 2007 in the country there were about 32,342 ATMs machine from various banks. According to the agreements the bank will work on the understanding of inter-bank ATM networks.
This is not inter-banking ATM networks agreement but also it is a big business (http://onlinebusinessview.blogspot.com/
Every time banks are reducing loans rate and trying to liquidate their money to the consumer to solve the recession. In this way they are trying to utilize their resources in right direction. The contract is nothing but utilization of resources to restore recession.
