News

India's Reserve Bank bans 3rd-party ATM advertising

February 27, 2002

MUMBAI, India -- The Reserve Bank of India, which has regulatory authority over the country's financial institutions, has banned banks from advertising third-party products and services on their ATM screens for a fee, according to a report in the India Times.

According to the Reserve Bank, advertising is not permissible under section 6(1) of the Banking Regulation Act. The Banking Regulation Act dates back to 1949, and Section 6(1) specifies that banks can only provide services related to financing.

While the Reserve Bank has barred banks from advertising third-party products, it will allow them to promote their own products.