Rationalize ATMs

Now, Reserve Bank Of India comes forward for the benefit of customers while Supreme Court already joined the race by smashing whip on private banks for resorting to goons for loan recovery. It has been considered the major decision to directly reach out to customer’s benefit by slashing rates for using ATMs across the country cutting across the competitive edge.
While articulating its customer friendly policy, RBI has brought the new draft for eradicating mysterious charges allegedly imposed by various banks. Now, these banks charge approximately 57 rupees for withdrawing money if you have account with another bank and your bank is not the member of Cashtree or Cashnut. And 20 rupees for ascertaining your bank balance. These ATMs are free if you have account with the same bank. Cashtree and Cashnut are two groups form by some like-minded thirteen banks for their customers. But, in this instance other bank customers remain in isolated corner due to their bank’s policy.
Some time you desperately need money and you are far away form your bank’s ATM or you don’t have proper address of ATMs prevail in your vicinity. Then, you have to travel a lot to reach out to your bank ATM. This undesirable exercise may consume your petrol that may cost you more and energy too. So, you have only way left in your hand that is approaching other bank’s ATM. And you have to pay some hefty amounts for your simple transactions.
Recently, RBI comes to know that these transactions are low cost affairs but these banks are unnecessary charging more amounts from customers. So it was a case of indirectly cheating of unaware people. Extending step-motherly treatment to other banks customers hasn’t a digestive factor for RBI. So rather than bring these rates down, it has wiped it out in order to implement rationalize policy for all banks. This directive may be taken by wrong way as banks may compel to think on this line that RBI interfering in their private affairs. And such banks can raise their objections on the ground that bank’s infrastructure belong to bank only and for the benefit of their customers. If you try to bring some other meaning from this decision the RBI should allow customers to withdraw and deposit money through any banks rather than restricted to respective bank. So the customer of Bank Of India would be able to execute transactions in any banks close to his/her home or office.
But, as per the financial observers this draft would take more time to directly come into force. It may take more than four months. Now, customers has to wait for implementation…