Request to Delete Transactions Decline Charges in ATM

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Mumbai, Ta. Monday, January 25, 2021

The All India Bank Depositors' Association of India has filed a petition with the Reserve Bank of India (RBI) seeking cancellation of transaction declaration charges levied on debit cardholders using ATMs.

Cardholders sometimes inadvertently try to withdraw money or make online payments using a debit card even though there is no balance in the account and in such a case a penalty of Rs 5 and GST is levied from the bank cardholder as a transaction decline charge.

Such charges could be an impediment to the digitization program, the association said in an application submitted to the Reserve Bank on behalf of the association.

However, such charges are rarely levied as cardholders make such attempts by mistake. The charges are unfair as the card issuing bank is not harmed by the sources, sources said.

The association has urged the Reserve Bank governor not to cut interest rates at the next meeting of the Monetary Policy Committee in view of high inflation and rising crude oil prices.


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