NEWS & ADVICE : CREDIT CARDS
ATMs will not be cashless on strike days too
By Ankit Sharma
Aug 29, 2011
Print    Email    RSS   

Contemplating the inconvenience caused to people with ATMs running out of cash in case of bank strikes or other emergency situations, the Reserve Bank of India has decided to allow banks to take cash from it and replenish their ATMs in such cases.

The apex bank made the announcement through a notification. In case of any natural calamity in the region or the entire nation, the following process of pumping ATMs with cash from RBI will be followed.

However, in such situations, withdrawal per transaction will have an upper limit of Rs 10 crore, said RBI.

Banks can also make use of this facility during cases of natural calamities for their own only once in one day.

Banks also have to sign an agreement in this regard with their outsourcing agency and give standing instruction to RBI in writing that their currency accounts be debited for cash given out to the outsourcing agency.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Effect of employment on loan eligibility...
Credit Report: A Key Financial Indicator
Know if you are in CIBIL’s list of...
Utilise credit card reward points
IMPS- remittance facility through mobile...


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive