Banks will have to pay fine if they run out of Cash

The Reserve Bank of India (RBI) announced on Tuesday to impose a heavy monetary penalty on banks if their ATMs run out of cash starting from October 1, 2021. This would be a huge relief to customers who need to withdraw cash from ATMs.

“A review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public,” RBI said in a statement.