The Indian Banks Association (IBA) has proposed that the mandatory five free transactions that banks are required to allow in a month, include even the ones at the ATMs of an account-holder’s bank.

The instructions have come from state governments in the wake of a brutal attack at an unguarded ATM kiosk in Bangalore and it comes in the wake of additional expenditure to guard the ATM by a security guard and electronic surveillance in the form of CCTVs.
The Reserve Bank of India said it will have no objections to banks charging customers for transactions on automated teller machines, provided they charge a “reasonable” fee

The best part of this security measure is that a PHYSICAL BODY will be placed or present at the ATM. Majority of these security guards are all retired, jobless, aged, physically unfit and untrained.



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