look news india
Withdrawing cash from an ATM: If you withdraw cash from an ATM, you should be prepared to pay more charges for its use in the coming days. You may have to pay additional charges on cash withdrawal after the fixed free limit. In fact, according to a report, ATM operators in India have requested the Reserve Bank of India to increase the interchange fees paid by customers on cash withdrawals. (RBI) and National Payments Corporation of India (NPCI) have contacted.
Ask for Rs 23 per transaction
According to reports, Confederation of ATM Industry or CATMI wants this fee to be increased to a maximum of Rs 23 per transaction to ensure more funding commitment for the business. The ATM manufacturer says that the interchange rate was increased two years ago. We have been approaching the RBI and they seem to be supportive of it. We (CATMI) have requested to increase the fee to Rs 21.' However, some other ATM manufacturers have demanded to increase it to Rs 23.
The interchange fee was increased in the year 2021
The ATM manufacturer says that last time, it took several years to increase the interchange fee, but I think everyone agrees and it is only a matter of time for (the fee) to increase. Reportedly, the RBI did not respond to an email seeking comment. In the year 2021, the interchange fee on ATM transactions was increased from Rs 15 to Rs 17. ATM interchange is a fee paid by the card issuing bank to the bank where the card is used to withdraw cash. Also, the limit of fee charged from the customer has been increased from Rs 20 per transaction to Rs 21.
Currently, this facility is available in these cities
Currently, for six metro cities – Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi, banks allow their savings bank account holders a minimum of five free transactions in a month, while three transactions are free at any other bank's ATM.
