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KASHMIR PATRIOT REPORT
SRINAGAR: The Jammu and Kashmir Bank allegedly violates Reserve Bank of India directive of ‘not to charging customers for all cash withdrawals at ATMs till December 30, 2016′.
In view of demonetization, the RBI in circular directed banks to wave ATM charges for their customers and other bank customers. However, the Jammu and Kashmir Bank seems not following the direction by charging transaction fees on ATM withdrawal.
According to the JK Bank account holder, Telcro technologies’ account statement, the bank has charged the account holder for ATM withdrawal. The statement clearly shows that the JK Bank has deducted ‘Add usage card charges’, which was not supposed to be as per latest RBI guideline in view of demonetization.
“I did three transactions on the same date. Two were successful and one was unsuccessful. The bank has reversed the charges of failed translation, while leveled charges on the successful two”, the customer said.
Before demonetization, as per RBI directive, more than three transactions in metro and five in non-metros are chargeable.
Pertinently, the RBI has put cap on ATM withdrawal limit per day to maximum rupees 2,500 in a day and rupees 24,000 per week from bank account. Now worthy to mention, if an account holder is withdrawing per day through ATM and the bank is charging its withdrawal fees, they (bank) are making money in huge sums. The customer said that the JK bank has lakhs of customers in the state and outside, adding that charging 20 rupees on ATM withdrawal means they are making money out of demonetization amid RBI guidelines of not to do so.
The RBI also said that there would be no charges for both financial and non-financial transactions. “It has been decided that banks shall waive levy of ATM charges for all transactions, financial and non-financial, by savings bank customers, using their banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month,” the apex bank has said.
“This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016,” the RBI added. The RBI’s announcement comes after incidences of banks levying ATM transaction charges on other bank customers, despite an earlier circular on the same.
Despite attempts, the bank chairman could not be contacted for his comment.
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