ATMs: (Automated Teller Machine): The
ATM debit cards, credit cards and prepaid cards (that permit cash withdrawal) issued
by banks can be used at ATMs for various transactions.
- > Use of ATMs of Other Banks:
i. 5 free
transactions are permitted per month (inclusive of financial and/or
non-financial) at other bank ATMs for Savings Bank Account holders.
ii. For transaction
beyond this minimum number of transactions, banks charge maximum of Rs 20/ -
per transaction.
iii. Reserve Bank of
India reduced free usage of other bank automated teller machines (ATMs) to 3
per month from 5 from November, in six metropolitan cities - Delhi, Mumbai, Chennai,
Bangalore, Kolkata and Hyderabad.
- > Reconciliation of failed transactions at ATMs
i. The time limit for
resolution of customer complaints by the issuing banks shall stand reduced from
12 working days to 7 working days from the date of receipt of customer
complaint.
ii. Accordingly,
failure to recredit the customer’s account within 7 working days of receipt of
the complaint shall entail payment of compensation to the customer @ Rs. 100/-
per day by the issuing bank..
iii. Any customer is
entitled to receive such compensation for delay, only if a claim is lodged with
the issuing bank within 30 days of the date of the transaction.
iv. All disputes
regarding ATM failed transactions shall be settled by the issuing bank and the
acquiring bank through the ATM system provider only.
- > WHITE Label ATMs: ATMs which are owned and
operated by non-banking companies are called White Label ATMs.
Note: RBI authorised
four entities to operate as WLAs namely Tata Communications Payment Solutions,
Prizm Payment Services Pvt. Ltd, Muthoot Finance Limited and Vakrangee Ltd.
- > Personal Identification Number (PIN) : A
Personal Identification Number is a secret numeric password shared between user
and a system that can be use to authenticate the user to the system.