My View on "Making ATM transactions expensive: Is RBI contradi...":
Strange that customer service for the RBI turned into Bank service. In most urban and metro ATMs they cease to be Any Time Money. The Banks feed in Rs.500 and/or Rs.1000 in the working ATMs. They expect the customer to go the bank counter to get the change for higher denominations!! Second, several ATMs refuse to function. For example, SBI ATM at Survey of India, Hyderabad under Prashantinagar branch limits works for only less than 100 days in a year and at times best known to the Bank. This position prevails for the past five years and there was absolute disregard to the customers of ATM. Just as the RBI wants to punsih the customer with a penalty for use in excess of 5 times to draw his own money, and treating even balance enquiry as use, it should penalise the Banks that do not feed the ATMs properly and that do not maintain the ATMs within the absolute reach and convenience of the customer.
- Dr.Yerram Raju
1 comment:
Banking itself is becoming a mess and the way things are moving depositors would be asked to pay a fee for depositing the money. The use of technology is to save cost of transactions and ATMs have facilitated to save a lot of cost in terms of maintaining branches and staff at a high cost.SB account holders get a pittance of 4% for their balances and on that they have to pay taxes also if the interest exceed Rs 10000. Banks can manage to accommodate lakhs of Crores of NPAs and write off of loans again at the Cost of depositors as there is absolutely no resistance from them. Charging for ATM withdrawal is nothing but a planned loot and RBI should not be party to this.Time depositors unite and fight for their rights.
Post a Comment