Correct Answer: ₹21

Key Points

• The Reserve Bank of India (RBI) regulates banking operations in India, including ATM transactions.
• As of January 1, 2022, the RBI implemented a directive regarding charges for ATM transactions that exceed the free permissible limit.
• Customers are allowed a certain number of free transactions at ATMs, after which they incur a fee.
• The fee for transactions beyond the free limit was set at ₹21 per transaction.
• This change aimed to standardize the charges across banks and improve transparency for customers.

Why Other Options Are Wrong

• Option 1: ₹35 is incorrect as it exceeds the set fee established by the RBI.
• Option 3: ₹20 was a previous charge but was updated to ₹21 as per the latest directive.
• Option 4: ₹11 is not applicable as it is lower than the mandated fee.
• Option 5: ‘None of the above’ is incorrect since ₹21 is indeed the correct charge.

Quick Tip for Exam

When preparing for banking exams like IBPS PO, pay close attention to recent directives from the RBI, as they often form the basis of questions related to banking operations and regulations.