New Delhi : The Reserve Bank of India (RBI) on Thursday allowed changes in the rules related to ATM transactions. Now from January 1, 2022, after withdrawing money from ATMs more than the prescribed limit, customers will have to pay Rs 21 instead of Rs 20 for every transaction.
However, the RBI said that the facility of five free transactions (including financial and non-financial transactions) will continue for customers every month from their bank ATMs. They will also be able to do three free transactions from other bank’s ATMs in metro cities and five in non-metro cities. Apart from this, banks have been allowed to increase the interchange fee for ATM transactions from Rs 15 to Rs 17 for every financial transaction and from Rs 5 to Rs 6 for non-financial transactions.
ATM installation cost and maintenance cost increased
RBI said that banks were allowed to increase the fee keeping in view the need to balance the increasing cost of ATM installation and ATM maintenance expenses incurred by the banks/white label ATM operators as well as the convenience of the stakeholder entities and the customer. is.
Committee constituted in 2019 to review ATM fee
In June 2019, the RBI had constituted a committee under the chairmanship of VG Kannan, the then president of the Indian Banks Association, to review the ATM charges. The recommendations of the committee were made public in July 2020. The committee had recommended using population as a metric for computing ATM charges.
RBI said that “the last change in the interchange fee structure for ATM transactions was done in August 2012, while the charges payable by the customers were last revised in August 2014. Thus it has been a long time since these charges were changed.” ”
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