RBI has given an indicative list of 33 reasons that banks need to mention for ATM declines
The Reserve Bank of India (RBI) on 17th January has asked banks to mention reasons for denial of ATM services to the customers. The RBI also asked banks to give information to their board of directors about the denial and the action taken to avoid recurrence of such instances in the quarterly review of ATM transactions.
Banks are advised to place a quarterly review of ATM transactions to its board of directors, indicating the denial of services to the customers at ATM sites, reasons thereof and the action taken to avoid recurrence of such instances. Banks are also advised to forward a copy of the report with the observations of the Board to the Chief General Manager, RBI, Department of Payment & Settlement Systems, Mumbai, the RBI said in a circular.
The central bank has also given an indicative list of 33 reasons that banks need to mention, including invalid transaction, invalid PIN, exceeded withdrawal limit, exceeded number of tries, lost or stolen card, and time-out.