Consumer Issues
Moneylife Foundation calls for a round-table discussion on ATMs usage and charges

Moneylife Foundation, as the voice of over 30,100 savers, has sent a memorandum to the RBI and also called for a round-table discussion on 13th September with like minded citizens, activists and NGOs to take up ATM usage and charges issue with the banking regulator


The Reserve Bank of India, on 14th August issued a very anti-consumer directive restricting free usage of automatic teller machines (ATMs) by customers. This is in contrast to its own 5-point consumer charter (CC) that was well appreciated by media and bank customers.


Moneylife Foundation, along with several like minded citizens, activists and non-governmental organisations (NGOs), is protesting RBI's move restricting free usage of ATMs by bank customers.


Moneylife Foundation also sent a memorandum to RBI governor Dr Raghuram Rajan, requesting him to restore unlimited usage of ATMs by banks to their own customers, restore differential pricing for cash and non-cash transactions at ATMs and introduce a system of reporting out of order ATMs for customers.

In addition, Monelife Foundation has called for a round-table discussion on this issue at Moneylife Foundation Knowledge Centre at Dadar in Mumbai on 13 September 2014 between 2.30pm to 4.30pm. All citizens, activists and NGOs who wish to be part of this discussion and take this forward are invited to join the round-table. There is also a need to write to the RBI that any directive that leads to increased costs to the depositor must be discussed with bank customers, the largest stakeholders.

Currently, banks have the freedom to decide their charges and interest rates without reference to RBI. So, if some banks found it prudent to curb usage or disallow third-party transactions, they could have gone ahead and done it without RBI’s intervention. So why the RBI directive? To make an anti-consumer action look like a regulatory diktat?

The Indian Bank's Association (IBA) used its influence on the central bank to ensure that angry customers do not vote with their feet and switch banks. Getting RBI to issue a directive removes the problem.

It also ignores the fact that IBA behaves like a cartel under RBI’s benign watch. That is how all banks act together to charge for mobile texts and debit cards and ensure that interest on savings bank deposits remains a low 4% at all but a couple of new banks.

In addition, what about ATMs that are not functioning thus making people to hop around and use other bank's ATM that is working. Another crucial issue is the restriction on money withdrawal. If someone needs, lets say Rs25,000, and the ATM has withdrawal limit of Rs10,000. In this case, the person would end up making all three permitted transactions there only.

Here is a link to our story on ATM charges: The RBI's ATM usage rule flies in the face of its own Consumer Charter



arun adalja

2 years ago

very good move by moneylife and all must support the move and oppose the rbi decision and compell to cancel the order.

Gopalakrishnan T V

2 years ago

The demand of depositors is genuine.They keep their hard earned savings with banks at 4% rate of interest and banks lend these money at around 14%.The advances turn NPAs and depositors and other tax payers are made to bear the losses.The techonology invasion has helped the banks to reduce the cost of funds and if at all their cost of funds is on the high side it is due to their mismanagement and inefficiency and this cannot be passed on to the depositors for withdrawing their money. It is atrocious and banks cannot justify this. The round table conference arranged by the Money Life on the topic is welcome and IBA which is also a party to banks' non professionalism and exploitative attitude to charge the helpless depositors for anything and everything should be made to make its stand clear on the matter. RBI being the regulator of banks and knowing the in and out of banks' way of functioning and incurring losses on account of staggering NPAs, resorting to heavy borrowings to substitute deposits, poor professionalism in managing the Asets and Liabilities of banks etc cannot simply allow the banks to charge the depositors for covering their inefficiencies. The round table conference being convened at the initiative of Money Life can definitely sort out the issues arising out of the proposed move to Charge the depositors for their withdrawals of mooney through ATM.It is good that Money Life fights the issue on behalf of depositors. Even the issue of NPAs needs to be openly fought by all stakeholders of banks particularly depositors and tax payers.

Rights of air passengers published on DGCA website

Information on Grievance Redressal Mechanism, names of nodal officers and contact numbers would be shared with the public on the portal


Minister for Civil Aviation, Ashok Gajapathi Raju Pusapati launched today a 'Know Your Rights' (KYR) portal of the Directorate General of Civil Aviation (DGCA) to mark 100 days of the new government.


The Internet address of the portal is:


DGCA said that it would provide information on the rights of passengers in cases of delays, cancellation and denied boarding, lost, delayed, misplaced and damaged baggage; and on matters related to booking, airfare components and refund of air tickets. The information on availability of the Grievance Redressal Mechanism, names of nodal officers and contact numbers would be shared with the public on the portal.


The categories under which information is given in the portal include: travel issues, special assistance, advisory for passengers, grievance redressal mechanism, disruptive passengers, tips for healthy flights.


The portal is text-based and for professional users, there is invariably a pdf file to download at the bottom giving full details. The airlines covered for grievance redressal include: Air India, Jet Airways, SpiceJet, Go Air, Indigo, Air Costa and Air Asia.


Air passengers can now read the fine print on the Internet from the DGCA portal and Know their Rights as paying passengers. A screenshot from the portal is given below:




Damera Rama Krishna Rao

1 year ago

Damera Rama Krishna Rao,
makeMytrip ID No.IN141B6S121123
China Eastern E-Ticket No. 781 5856476805-06
Airline PNR NBGK5C

E mail I D. [email protected]

Dear sirs,
Sub: Request to replace the amount spent for onward journey.
Ref: E-Ticket No. 781 5856476805-06 PNR NBGK5C

On 22nd May 2015 on makeMytrip ticket , makeMytrip ID No.IN141B6S121123
vide your E-Ticket No.781 5856476805-06 PNR NBGK5C I have landed on Kunming
airport MU556 KOLKATA/CCU KUNMING Booking No. 39. and took my my luggage
and went to the counters for my onwards journey to OSAKA by MU747. There in the airport
the counter persons are not welverced with English and were unable to direct me to the exact counter where I can check in and get my boarding pass. They were unable to direct me going through the E Ticket and in the mean while the connecting flight has gone. I missed my flight with out my fault. I requested the staff to consider reschedule of my journey. They told me that my ticket refered is no long valied for the onward journey and I am compelled to buy tickets MU756 ETKT7818503099338/1 136 to PU DONG and MU9821 ETKT 7814486726125/1

On 2nd June 2015 while I approached for a boarding pass in OSAKA for my flight MU730 the staff told me that I can make use of part of ticket as I did not boardMU-747 on 22nd. May 2015. When a made a protest for that and insisted that I can use the ticket for my return journey at last gave a boarding pass at the last minute of depasture. I regret very much to inform you that your good staff at international air port should have a reasonable English listening and speaking ability.In this connection I request you to refund the amount I paid for MU756 ETKT7818503099338/1 BD.no136 to PU DONG and MU9821 ETKT 7814486726125/1 rescheduling my ticket I bought from makeMytrip.

Thanking you,

Damera Rama Krishna Rao.

Surjit Singh Uppal

1 year ago booking ID-NF2203453311022,22nd.oct,15,mum-dli,Indigo-176, arrival dli-15.40hrs.dli-dehradun,SG-2329,dep.dli-18.50 hrs.,resheduled by Spice jet to SG-2327,dep.dli-15.10hrs.Not possible to board flt.advised by makemytrip @spice jet to cancel this flt,and no Deduction will be done.spice jet refunded Rs.2435/,but make my trip deducted Rs.800/-, will refund only Rs.1650/-,PL.take nacessary action.thanks.
anita uppal

HC says ban on e-rickshaws to continue

The Delhi High Court has however, left it to Parliament and the Centre to frame rules for regulating the plying of erickshaws

The Delhi High Court on Tuesday said that the ban on e-rickshaws will continue. The Court has however, left it to Parliament and the Centre to frame rules for regulating the plying of erickshaws.


What is prohibited under law, cannot be permitted, the Court said. The petition seeking review of the High Court’s 31st July order on ban has become infructuous, it added.


Advocate Sugriv Dubey, appearing for social activist Shahnawaz, who filed the petition to ban e-rickshaws, however, told the bench that due to the e-rickshaws, two major accidents have taken place and two people have died. He said 137 cases have been registered against rash driving by e-rickshaw drivers.


The Central government had argued that it had come up with draft rules on plying of these battery-operated vehicles, and these have been submitted to the law ministry.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)