The Reserve Bank of India on Monday directed banks to waive levy of ATM charges on all transactions done by their own bank ATMs as well as at ATMs of other banks.
This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016.
This move will help people who are facing cash crunch after the government of India demonetized Rs 500, Rs 1000 from November 8, 2016.
"It has been decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks' ATMs as well as at other banks' ATMs, irrespective of the number of transactions during the month", the RBI said.
In 2014, limit on free ATM withdrawal was restricted to five transaction per month for metro cities. Also, free ATM transactions at other banks' ATMs was reduced to three transactions per month.