CURRENT AFFAIRS

Detailed explanation-1: -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-2: -The RBI allowed banks to levy an interchange fee of ₹ 17 per financial transaction and ₹ 6 for each non-financial transaction at all centres starting 1 August 2022. The banks collect ATM service charges to meet the increasing ATM installation and maintenance costs.

Detailed explanation-3: -According to the new rule, people can now withdraw money from any ATM in the country without a card. Apart from that, the bank will provide facilities to any customer, no matter which bank the customer belongs to.

Detailed explanation-4: -The ATM Replenishment Process There is only a certain amount of cash in the machine at any time. Therefore, the terminal must go through an ATM replenishment cycle. Replenishment is where a third party hired by the bank removes the leftover money in the machine and replaces it with a fresh load.

Detailed explanation-5: -The government has made quoting of PAN or Aadhaar number mandatory if the cash deposits and withdrawals in a financial year exceeds Rs 20 lakh and in case of opening of current account or cash credit account with a bank. The Central Board of Direct Taxes (CBDT) issued a notification on May 10, 2022, for the same.