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hip hip hurray!!! to RBI---ATM(Any teller machine)

Written By Vignesh on Wednesday, April 1, 2009 | 1:08 PM

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Here am, with an interesting hot news for you all. We all have an account and an ATM card. Those cards are provided for us to withdraw money at any time. However the purpose of these cards were not solved in full, because having an ATM card of one bank you can not withdraw money in another bank.

It was not possible because of 2 main reasons,
1. Not all the banks were interconnected with each other, that is, one banks ATM card will not be accepted by other bank.
2. The surcharges, that is, every withdrawal will of money with some other bank will be charged considerably.
To make my point more clear, if u are a account holder of KVB and if you withdraw from INDIAN BANK you will be charged Rs.20 for Rs.10

With the above two points we were literally worried to withdraw our money from banks.
you need not feel for these reasons from now. From today(1st april 09) you can walk into any bank withdraw cash without any charges.

Some banks charged as high as Rs. 57 for every single transaction, which was then reduced by Rs. 20 by Reserve Bank of India which came into immediate effect with all banks.

RBI gave guidelines to all banks to operate free ATM all over the nation from 1st april 2009. This is a great move by RBI. We need not pay extra charges to withdraw our own money.

There might be some glitches in the beginning in withdrawal but its really a good move. On 1st April which is considered to be a new year of every accountant RBI has came out with a brilliant suggestion which will really be useful.

As often some banks have refused to agree to this free withdrawal issue, but i firmly believe that Reserve bank of India wont be partial and it will implement its decision in full flow from today( 1st April 09).From now its not Automatic Teller machine, its Any teller machine.


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Vignesh, the founder of VikiInfos, is a Commerce Graduate and Pursuing his Chartered Accountant Profession, now in the Intermediate level. Blogging is his hobby and likes to share things. He plans to Update this blog with latest happenings and things that he gets to know at times and worthy information.a friendly user blog can be followed by any person. Join us free and subscribe.
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