RBI for Waiving ATM Charges for Senior Citizens and Differently-abled

The Reserve Bank of India wants banks to do senior citizens and
physically/visually challenged customers a good turn.

The banking regulator wants banks to see if these category of customers can
be allowed unlimited number of ATM transactions at any bank ATM. It also
wants the annual ATM card fee waived for these customers.

Since senior citizens and physically challenged persons will use ATMs only
for genuine purposes, banks could allow them to use any bank ATM for any
number of times, said Mr S. Govindan, General Manager, Union Bank of India.

Currently, banks allow their customers to use other bank ATMs without any
charge five times a month. “Once the limit on the number of transactions at
other bank ATMs is removed, then a senior citizen or a physically
challenged person can go the ATM nearest to him any number of times without
fear of a fee,” explained Mr Govindan. With senior citizens travelling
across the country either to be with their children, or visit relatives, or
on pilgrimage, the liberty to use any bank ATM without a cap on the number
of transactions would prove beneficial.
ATM card fee

Banks will be willing to waive the annual ATM card fee to encourage senior
citizens and handicapped persons to move to alternative banking channel
(ATM), said a banker. Some banks charge Rs 100-500 as annual ATM card fee.
Doorstep banking

The RBI also wants banks to explore the possibility of providing doorstep
banking service to the physically challenged.

Mr Govindan said providing this service could be a challenge. However, down
the line this could be done once banks have sufficient number of Business
Correspondents.

Last year, the RBI-appointed Damodaran Committee on Customer Service had
recommended that banks could disburse pension to sick and disabled
pensioners at their doorstep by utilising the services of Business
Correspondents.
Pensioners' plea

Pensioners' Associations across the country had represented to the
Committee that for pensioners above the age of 80 and those who are
sick/disabled in rural and semi-urban areas, there should be some
arrangements to disburse the pension at the doorstep through vans or
through Business Correspondents.

The Committee felt that such special treatment is required for this class
of pensioners.

Source:
http://www.thehindubusinessline.com/industry-and-economy/banking/article3287992.ece

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