Indeterminable Reserve Bank of India (RBI) – Part 2 of 2
In the continuation to the previous post portraying the ill effects of the Reserve Bank of India, here flows the second and final post. Already got many calls from top notch people for writing about RBI and will ensure that there are no bad remarks.
Over 5 ATM Transactions Chargeable
You would have heard this statements if you live in the metro cities. Yes, there has been an amendment with the Code of Banking Conducts to charge a customer who overuses ATM Facilities in-order to limit the crowd in ATMs. Again this is not a wise decision amended by RBI.
For example, if I need INR 5000 for 10 days, I may walk into the ATM for withdrawal as per my requirement. Now, since there is a restriction, I may withdraw INR 5000 all in one time. Working on the actual case, I may need INR 100, INR 100, INR 2000 and so on for 10 days. Here the bank fails to have the customer’s EoD Balance. The customer may withdraw even a huge amount.
Another trait is that as we may be aware that the thefts these days in residential zones have increases, if a person has a cash into his hands / @ apartment, there is a serious threat of losing the money and it will create an opportunity for the thieves to rob the house.
Now, its the time for RBI to think about its decision. I am sure that it will never change, but should be initiated atleast.