No decision on limiting free ATM transaction yet: Meena

Tags: ATM, Banking
The Reserve Bank is yet to take a decision on limiting the number of free transactions at ATMs, as proposed by Indian Banks' Association (IBA), Parliament was informed today.

"The RBI has received a proposal from IBA to limit free transaction on ATMs and also to increase the ATM charges. No decision on the proposal has been taken," Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.

In November 2013, the government advised banks to review the existing security arrangements at their ATMs in terms of instructions issued by RBI on security measures in branches and ATMs, he said in a separate reply.

To improve asset quality of banks and reduced NPAs, Meena said, the government has also advised public sector banks (PSBs) to take a number of new initiatives to increases the pace of recovery.

It includes appointment of nodal officers for recovery, to conduct special drives for recovery of loss assets and to constitute a board level committee for monitoring of recovery.

To ensure effective and expeditious recovery of defaulted loans of banks and financial institutions, the Enforcement of Security interest and Recovery of Debt Laws (Amendment) Act 2012 has been enacted, he said.

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