ATM interchange fee structure to revised soon

NPnews24 Online: There is good news for those using ATM. Soon, the charges for using the Automated Teller Machines (ATM) of banks other than the one where you hold an account may be revised will reduce. Recently, RBI has cut down the rate on RTGS and NEFT transfers.

According to the source, RBI will announce to cut down rate on money withdrawal in the next month. Earlier RBI constitutes a committee to review the ATM interchange fee structure. This is the fees paid for using your debit card at the ATMs of other banks.

At present the interchange rates charges for using another bank’s ATM is Rs per transaction. In June 2018, CATMi had sought regulatory intervention to correct the fee structure in the loss-making ATM deployers industry. Further, in November 2018, the CATMi said that it has become expensive for ATM firms to manage their ATMs, as RBI had asked them to upgrade their technology and deploy additional security.