Skip to main content

Interbank ATM transactions to become completely free

From past few months, there were few speculations in the market that soon people of India will be able to use any bank ATM free of cost irrespective of their account holder bank. So far, most of the banks in India were charging from zero to 55 rupees for cash withdrawal and zero to 20 rupees for balance enquiry. These rates were mostly governed by inter relations of different banks. Therefore, most of the people in India were avoiding use of interbank ATMs (Automated Teller Machines) of other banks. Today, all these speculations become true when RBI decided to go away with the various ATM charges livid by different banks in phases.

1) RBI has directed all the banks to completely remove any fee charged for balance enquires with immediate effect.
2) RBI has directed banks to reduce all fees charged on cash withdrawal to maximum of Rs 20 by 31 March, 2008.
3) Finally, RBI has directed banks to completely remove all charges of interbank ATM transactions making interbank ATM use free with effect from 1 April, 2008.

Banks with large number of ATMs across India do not liked this proposal and they argued that this rule will stop banks from opening new ATMs. However, RBI argued back that ATMs save lot of bank’s money and time by serving millions of customers even without entering inside banks. Therefore, Banks can easily afford ATMs with this saved money. RBI also argued that it will become easier for the general services and further reduce the loads on banks. Moreover, if any charge is required to be paid then it should be paid by bank of person withdrawing money not by the person. RBI also believes that this move will reduce the transaction cost of banks and it will encourage common people to use latest technology. According to RBI’s report, there are total 31,078 ATMs across India and cost of constructing an ATM has decreased considerably from Rs 30 Lakh to Rs 6 Lakh. Already, this kind of free access to ATMs is available in European countries like UK, France etc. Overall, this step of RBI will have lot of great impact on the growth story of India and also life of common people will become considerably easy when this feature will become functional completely.

Also visit-Also visit-Do Indian Nationalized Banks need to be more customers friendly?
Ethics in Business
Home loans providers in India
Every Indian wants a own home
Personal Loans- A new resource of money

Comments

Popular posts from this blog

A new 15 year old Buddha

In Nepal a new Buddha is in making. Recently a person called Ram Bomjon from Nepal has been fasting and meditating for last six months beneath a tree. In him people are seeing a new Buddha. This incidence has happened in Bara district of Nepal. Thousands of pilgrims have starting visiting this place. There is news that Ram has not even single time broken his fast. For the last six months he has not moved, even to relieve himself. His place is not much away from the place where original Buddha had done his meditation. According to Ram he does this meditation because a snake has beaten him. He is also asking people for not saying him Buddha because he is telling that he is not having the powers like Buddha. www.geocities.com/arvindkatoch1

Check Final Results of Bihar Sanskrit Shiksha Board (BSSB)

Finally, after quite a struggle details are available about Bihar Sanskrit Shiksha Board (BSSB) and students can find the link below for getting all the Final Results related to BSSB. Their official website is -bssbpatna.com. This website is in Hindi and Flash, therefore, people found difficulty in finding it. On this website, people can easily find all results online of BSSB. Through, the final results link students can get the result by entering the roll number in the box available on the page. After pressing get result button complete mark sheet of students will emerge on screen. This is a simple option to get all the results of the BSSB and students are not required to visit any other site. For Final results of Bihar Sanskrit Shiksha Board (BSSB) visit- http://bssbpatna.com/results.html The old site of BSSB was www.bssbonline.com which is not available now.

Who is real victim in Amit Budhiraja and Rinku Sachdeva case?

Pictures of Amit Budhiraja and Rinku Sachdeva It is really hard to believe that present educated youths have become so weak that they are finding it hard to easily manage their marriage relationships. One similar matter came to light when story of Computer engineer Amit Budhiraja (working with Infosys) killing his wife Rinku Sachdeva (marketing executive with private bank) and later committing suicide become top news of today. Amit Budhiraja blamed his wife Rinku for not being a good wife and having extra-marital affair with some other person in his suicide note. According to him, he has recorded the conversation of Rinku with her alleged lovers on his Laptop which is now in the police custody. Both Amit Budhiraja (30) and Rinku Sachdeva (28) were well settled in their life and highly educated then why they failed in their relationship. Amit may have put blame on his wife for having some affair; however, he cannot justify any killing of a person on the name of having some affa

11 Deaths from Swine Flu

Number of deaths from Swine Flu has increased to 11 in India and there are estimates that these numbers can increase further. Swine Flu cases are also coming from other parts of India from Jammu and Kashmir to Kerala. So far condition is under control and government is also planning to allow private hospitals to conduct test for Swine Flu and treat Swine Flu patients; however, Swine Flu tests will cost around Rs 25000 in private hospitals and people will required to buy a strip of Tamiflu tablet for Rs 4000. Therefore, most of people definitely like to treat themselves in Govt Hospital because they are treating people for free. Govt of India is stockpiling Tamiflu tablet for any emergency condition, Govt has already sending Tamilu tablets to all district headquarters. People are advised to avoid public gatherings and use all precautions to avoid this flu because prevention is better than cure. Also visit- Swine Flu symptoms and precautions What is Swine Flu (Influenza)? Why it is da

Who will win Tamil Nadu Assembly Election 2011?

Election commission of India has announced dates of forthcoming assembly election in Tamilnadu. Assembly Election will take place in Tamil Nadu on 13th April and results of this election will be declared on 13th May. This election result will tell that DMK (The Dravida Munnetra Kazhagam) and its alliance partners will stay in power in Tamil Nadu or All India Anna Dravida Munnetra Kazhagam (AIADMK) and its alliance partners will steal power. In 2006 Tamilnadu Assembly election, DMK alliance got major success by winning 163 seats out of 234 seats with gain of 94 seats over 2001 assembly election. The main partners of DMK alliance were DMK, Congress, PMK, CPI (M), CPI and Muslim League. On the other hand, AIADMK alliance got only 69 seats with loss of 63 seats. The main partners of AIADMK alliance were AIADMK, MDMK, VCK, JD(S), FB(S). Also visit-  Opinion poll Tamil Nadu Assembly Election 2011 Assembly Election 2011 Tamil Nadu Dates Tamil Nadu Assembly Election 2011 West Bengal