Cash withdrawal from ATM

Through the RTI (Right to Information), it has been revealed that according to a suggestion made by a Reserve Bank committee to reduce cash withdrawal, there will be a charge on ATM Withdrawal charges from the ATM. However, this report was never made public.

It is possible that now you have to pay some charges for withdrawing more than Rs 5000 from ATM ( ATM Withdrawal ). The Reserve Bank (RBI) is considering this. According to information from the RTI, on digital transactions (Digital Transactions) through ATM withdrawals charges may be levied for withdrawal above Rs 5000 which would reduce the habit of frequent cash withdrawals.

Currently, customers can withdraw ₹10,000 in a single transaction and ₹20,000 in a day from a State Bank of India ATM.  For other banks, the single transaction and daily withdrawal limit is different from card to card.  For ICICI Bank, the daily withdrawal limit could range from Rs. 50,000 to Rs. 1.5 lakh.

According to the information received from the RTI, the committee headed by VG Kannan, chief executive of the Indian Banks Association, had recommended to reduce the habit of frequent cash withdrawal. The committee submitted this report to the Reserve Bank on 22 October 2019, although it was never made public.