Reserve Bank of India has asked banks to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs.
It has clearly said that, From 1st October 2021, Cash-out at any ATM of more than ten hours in a month will attract a penalty of ₹ 10,000/- per ATM.
If a customer is not able to withdraw cash due to non-availability of cash in a particular ATM will be counted as an instance of cash-out in an ATM. RBI issued notification of Scheme of Penalty for non-replenishment of ATMs yesterday.
It has asked all the banks and white label ATM operators to put in place a robust system for monitoring the availability of cash in ATMs. Banks shall submit system generated statements on downtime of ATMs due to non- replenishment of cash to the Issue Department of RBI for every month within five days of the following month.