Jammu & Kashmir Bank (J&K Bank) has relaxed its ATM transaction charges. The bank in a breather to its customers, has decided to provide 15 free transactions (financial and non-financial) per month for its customers. Beyond that, a charge of Rs 20 (inclusive of taxes per financial transaction and Rs 10 (inclusive of taxes per non-financial transaction shall be levied for use of OWN-bank ATMs at all locations with effect from January 01, 2015. Notably, the Reserve Bank of India (RBI) has allowed the banks to charge card usage for own-bank ATMs to minimum five free transactions per month.
Jammu & Kashmir Bank is the only state government owned bank in the country with the Government of J&K (GoJK) holding around 53% shareholding in the bank. JKB holds a monopolistic position in the state of J&K constituting majority of the credit and deposits in the state.
