RBI is working on a report submitted by a committee headed by Indian Banks Association Chief Executive V.G. Kannan, which advices banks to impose a fine on all withdrawals of more than INR 5,000 through ATM. It was through a query submitted via RTI that the decision got leaked, though not much is known about the decision taken by RBI on this suggestion.
Reportedly, the move is to promote digital transaction and to discourage the transaction of cash in physical form. However, more details are expected to hit media soon in the coming days, such as the amount of fine, which the Reserve Bank of India is planning to charge on people.
