Kathmandu. In India, a big directive has been issued on banknotes of Rs 100 and Rs 200 denomination. The Reserve Bank of India (RBI) has directed banks to make arrangements for withdrawal of Rs 100 and Rs 200 from ATMs. At present, only Rs 500 banknotes are withdrawn from ATMs of Indian banks.
New Delhi: The Central Bank of India (RBI) on Monday directed banks to ensure that the notes are available to the general public and ensure that adequate number of notes of this denomination are released from ATMs. The RBI has issued a circular in this regard. Banks and white label ATM operators (WLAOs) will have to implement this directive in a phased manner.
White label ATMs act like government and private bank ATMs. Instead of banks, these are invested by private or non-banking financial companies. Through these, customers can use facilities such as cash withdrawal, balance checking or all these facilities through debit cards and credit cards. Which are available at other ATMs.
According to the RBI circular, by September 30, 75 per cent of all ATMs should have at least one cassette to distribute banknotes of Rs 100 and Rs 200 denominations. In the next phase, by March 31, 2026, 90 per cent OF ATMs will have to distribute banknotes of Rs 100 and Rs 200 denominations from at least one cassette.
Meanwhile, the rules of cash withdrawal from ATM machines are also being changed as per the rules that will be changed in India from May 1. If any transaction is done from an ATM machine outside the home bank network or the balance is checked, then the user will have to pay a higher fee.
The charges apply for using ATMs outside the home bank network and will go up further from May 1. The increase is part of an amendment approved by the RBI based on the proposal of the National Payments Corporation of India (NPCI).
According to the report, till now, Indian customers had to pay Rs 17 for every transaction if they withdraw money from another network bank’s ATM instead of their home bank’s ATM. Now from May 1, the rupee will increase to Rs 19. Apart from this, if the customer checks the balance from any other bank’s ATM, then there was a fee of Rs 6 and now this fee will increase to Rs 7.
