CURRENT AFFAIRS

2019

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Reserve Bank of India(RBI) has eased business guidelines for which of the following ATM’s to source cash directly from the central bank?

A	White Label ATM
B	Blue Label ATM
C	Red Label ATM
D	Pink label ATM

Explanation:

Detailed explanation-1: -White label ATM Operators (WLAO), can now source cash directly from RBI offices and currency chests, and will no longer be dependent on sponsor banks for procurement of cash.

Detailed explanation-2: -According to RBI’s August 2021 circular on ‘Monitoring Availability of Cash at ATMs’, a flat penalty of ₹10,000 per ATM would be imposed on an ATM operator if an ATM is cash-out for more than 10 hours in a month.

Detailed explanation-3: -This shall be effective from August 1, 2021. Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz.

Detailed explanation-4: -Beyond the free transactions, the ceiling / cap on customer charges is ₹20 per transaction, as prescribed vide circular DPSS.

There is 1 question to complete.