3rd party ATM withdrawals to be capped from Oct 2009

3rd party ATM withdrawals to be capped from Oct 2009

Indian Banks’ Association, which is the industry lobby of Indian banks, has sent a circular to its 150 member banks directing them to implement the decisions from mid-October, a source close to the development said. “IBA has sent a circular to all banks asking them to implement these decisions on third party ATM transactions from October 15,” the source said.

Early this month, the Reserve Bank had put a Rs 10,000 cap per withdrawal from ATMs not owned by the bank in which the customer has an account, besides limiting such transactions to five in a month. The apex bank had sent a communication in this regard to Indian Banks’ Association (IBA).

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