Reserve bank of India has not yet approved the proposal of limiting the ATM transactions. It has been reported that the apex bank is still examining the proposal offered by IBA. RBI Deputy Governor H R Khan reported that many more suggestions have come up, RBI needs to think over how to resolve the issue. The basic idea is that public is using excess of cash that is adding up to the cost. RBI is trying to come up with steps that will help to minimize the cash transaction in the economy so as to reduce the money scams in the country.
IBA has proposed the idea to limit the free transactions up to 5 and hike the price from 15 to 18 that will provide funds to banks in order to enhance ATM security. RBI has not yet finalized the decision. The apex will declare the guidelines regarding this soon.