As per the latest update from 1st October 2021, the Reserve Bank of India will be imposing a penalty of Rs. 10,000 on banks for the non-availability of cash in ATMs for a period of 10 hours in a month.
RBI in it’s statement said, ‘A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.’
Moreover, RBI has advised the banks, White Label ATM Operators (WLOs) to strengthen their mechanisms, keep a regular track of cash availability in ATMs to avoid the monetary penalty.
Banks are also liable to submit a system-generated statement on downtime of ATMs because of non-replenishment of cash to the ‘Issue Department’ of RBI under whose jurisdiction these ATMs are located.
On the other hand, WLOs will have to submit a separate statement on cash-out of such ATMs due to non-replenishment of cash every month within 5 days of the following month i.e., first such statement for the month of October 2021 shall be submitted on or before November 05, 2021 to the Issue Department concerned.
