Tuesday, July 1, 2014

Banks may charge for using other bank ATMs

I still remember the day when there was long queue in front of the bank counters. With the introduction of the core banking and ATMs, the rush in the banks has been reduced to a great extend and the services has been increased both quantitatively and qualitatively. The customers also became more demanding. Now you can see the long queue in front of the outlets of the Beverages Corporation of Kerala which is the major source of income for the Kerala Government.
The former UPA government and the newly elected NDA government give importance for the extending banking services to the rural areas. As a result, more and more branches were opened by public sector banks in the rural areas while the new generation banks concentrated only on cities.
Today ATMs provides lots of services including issuing mini statement, mobile recharge, transfer of funds, mobile banking registration etc. Now the customers can withdraw money from any ATM, provided he will be charged if the number of transaction exceeds five times a month. Here even balance enquiry will be considered as a transaction.

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Now it was heard that IBA (Indian Banks’ Association) has requested RBI to allow the banks to charge for the transaction in the Non Home Bank ATMs. Non Home Bank means the bank where the customer does not have an account related to the ATM card which he was using.
So we can expect this soon as the banks are now concentrating on increasing their profit from non interest income as the banks are facing huge NPA related issues. Its time to open an account in the nearest bank.

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