RBI has brought back bank boundaries on the country's ATM map. The customer deserves better than that
India’s bank customers, those long-suffering souls who get negative real returns on their savings accounts, woke up a few months ago to find that they could withdraw money from any automated teller machine (ATM) of any bank, without paying a transaction fee. The Reserve Bank of India (RBI) had made a rule that banks should not charge customers for this unfettered access to cash withdrawal. It sounded too good to be true.
(This story appears in the 11 September, 2009 issue of Forbes India. To visit our Archives, click here.)