CURRENT AFFAIRS

Detailed explanation-1: -Using the ATMs beyond the permissible limit of free monthly transactions will be chargeable. According to a notification issued by the Reserve Bank of India in June last year, the banks were allowed to charge ₹ 21 per transaction at the ATM above the monthly free transaction limit, effective from 1 January 2022.

Detailed explanation-2: -The RBI, in June last year, allowed banks to charge up to Rs 21 per transaction at the ATM (Automated Teller Machine) above the monthly free transaction limit, effective from January 1, 2022. Usually, banks offers five free transactions at the ATMs every month. Any transaction after that is chargeable.

Detailed explanation-3: -Starting January 1, 2022, if you use up all of your free ATM transactions, you will have to pay a higher amount. The Reserve Bank of India (RBI) has permitted banks to increase charges for cash and non-cash ATM transactions above the free monthly acceptable limit beginning January 1, 2022.

Detailed explanation-4: -Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions, according to an RBI notification from June 10, 2021.

Detailed explanation-5: -It is to be kept in mind that transactions include both financial and non-financial transactions at Automated Teller Machines (ATMs). The maximum fee which can be charged is Rs. 21 per transaction when you have exceeded the free transactions.