NVCO appeals RBI

Nagaland Voluntary Consumers’ Organisation(NVCO) has appealed the Reserve Bank of India(RBI) to review/revoke its decision on imposing a limit of transactions per month from Automated Teller Machines(ATM) stating that imposition of ATM charges would affect the poorer section of the customers.
From November 2014, the frequent withdrawal of money from ATMs has become expensive with the RBI imposing a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in six metropolitan cities i.e Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad.
President NVCO & Convenor ACAUT Nagaland (Legal Cell), Kezhokhoto Savi, has termed the RBI’s directive as ‘unfair’ and amounting to exploitation of consumer rights by levying extra charges which is ‘arbitrary’ and ‘unreasonable’ on the part of the RBI.
He said RBI’s imposition upon the nationalised banks might not be the right move to promote good banking services in the country while adding that without customer’s satisfaction the bank might not be able to function the way they envisaged. He said RBI should not forget customer’s satisfaction in banking services.
Savi maintained that imposition of ATM charges is a hindrance to the poorer section of the customers of the nationalized banks which is just the opposite to the Pradhan Mantri Jan-Dhan Yojana (PMJDY) in which the Prime Minister had given a deep thinking for the economic development of the poorer section of the society. 
Savi also has pointed out that the students in the tribal states would also be affected with such imposition. He said scholarships were given in their bank accounts to withdraw according to their needs for purchasing books and other educational materials. He said with the ATM charges, the students would be most affected.