The Reserve Bank of India on Wednesday issued a notification to the cooperative Banks in which it said the banks will not charge more than Rs 20 for withdrawal of cash by ATM card holders of any banks from their vending machines.
The notification also stated that like other banks, the cooperative banks too will be required to stop taking the cash withdrawal charges from ATMs with effect from April 1, 2009.
Besides cash withdrawal charges for balance enquiry or using any other facility also the cooperative banks have been forbidden from charging any fee with immediate effect.
Earlier the RBI in its notification has already removed all charges from using the ATMs of commercial banks, and the charges on cash withdrawal will be removed with from April 1, 2009.
Therefore this means that from April 1, next year an ATM card holder will be able to withdraw cash from ATM maintained by any bank, including cooperative banks, without payment of any fee.
However, the notification authorized the banks to decide themselves the service charges for withdrawal of cash from ATMs through credit cards and ATMs located abroad.
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