ATM Transaction Rules: Everyone is very well aware that fraud is increasing day by day. Recently, ATM tampering fraud has taken place in the last few days. In light of these issues, the Reserve Bank of India has changed certain ATM withdrawal rules recently. This update is because of increasing fraud and safety for customers in mind.
The Reserve Bank of India has recently changed the rules regarding ATM money issuance. RBI has added that this has been done to keep the customers safe. Previously, the rules were amended concerning ATM cash withdrawals in 2018. And now, in December 2024, it has been done again. Let’s gather more information about this particular news.
ATM Transaction Rules
Haven’t you heard? Recently, there has been a change in withdrawing money from ATMs. Well, the new rule entails an introduction of a new feature about returning cash: if cash is not taken anymore from the ATM in a limited time, say, 30 seconds, then it goes back to the machine. More so, once withdrawn, the money ends up in your bank account. The primary objective of this policy formulation is when money is left in that machine, after you mistakenly withdraw it, not just anyone will be able to grab the money; it will reportedly deposit back into your account.
How will customers benefit from the new rules
Just so you know, in recent days, some fraudulent activities have been reported on ATM machines. Due to which the new rules for withdrawal of money have been implemented by the RBI. Under this new rule, if a customer forgets to collect his money from the machine, that money will be taken back by the machine and credited to the customer’s bank account, which the RBI has called. It is said by the RBI that withdrawing money after the introduction of this rule will become secure, and incidents of fraud will be brought down significantly.
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