RBI to review ATM charges: How will it affect your money withdrawal?
5 years, 6 months ago

RBI to review ATM charges: How will it affect your money withdrawal?

Live Mint  

Mumbai: Recently, the Reserve Bank of India set up a committee to review the automated teller machine interchange fee. The committee will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, the overall patterns of usage of ATMs by cardholders and assess the impact on charges and interchange fees, assess the entire gamut of costs in respect of the ATM ecosystem and make recommendations on the optimal charge and interchange fee structure and pattern. In order to get clarity, the ATM industry through National Payment Corp. of India approached the government to revise the interchange fee and certain other recommendations. They will take into account some of the recent mandates issued by RBI in terms of ATM security measures and EMV, revised cash carrying guidelines issued by the ministry of home affairs and also on the most recent circular on security measures. They will do a cost analysis exercise to arrive at the interchange fee that is paid by the issuer to the acquirers,” said Himanshu Pujara, MD, Euronet Services India Pvt Ltd.

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History of this topic

ATM cash withdrawal fee hiked: Banks to charge Rs 21 per transaction beyond free limit
3 years, 6 months ago

ATM cash withdrawal fee hiked: Banks to charge Rs 21 per transaction beyond free limit

India TV News  

The Reserve Bank of India has allowed the banks to hike the fee charged on cash withdrawal beyond the permitted free ATM transaction limit from Rs 20 to Rs 21 per transaction, with effect from January 1, 2022. Beyond the free transactions, the ceiling/cap on customer charges is Rs 20 per transaction. "To compensate the banks for the higher interchange …

Fraudsters find new ways to withdraw money from ATMs
3 years, 8 months ago

Fraudsters find new ways to withdraw money from ATMs

India TV News  

In view of increasing incidents of Man in the Middle attacks on ATMs, all banks have been asked to enhance their safety norms for ATMs through end-to-end encryption in the network, officials said. Investigations by security agencies have found that cyber fraud gangs have started adopting a new modus operandi to withdraw money from ATMs, a security official aware of …

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out
5 years, 1 month ago

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out

India TV News  

Bank ATM Transaction: In a move to put a curb on the increase in fraud in ATM cash withdrawals and ensure its safety, the Reserve Bank of India on Thursday announced new guidelines on ATM transactions. In its bi-monthly “Statement on Developmental and Regulatory Policies”, the central bank noted that several banks and other regulated entities depend on third-party application …

ATM users beware: Canara Bank issues advisory after attempted fraud
5 years, 4 months ago

ATM users beware: Canara Bank issues advisory after attempted fraud

Live Mint  

Over the last few days, a video of a cautious user who spotted a device to read debit card data at a Canara Bank ATM in New Delhi is being circulated widely. In order to safeguard their customers against risk while using debit cards for cash withdrawals at ATMs, Canara Bank has also launched India's first OTP facility for ATM …

RBI tells banks on what not to count as part of ’free ATM transactions’
5 years, 4 months ago

RBI tells banks on what not to count as part of ’free ATM transactions’

Live Mint  

Mumbai: The Reserve Bank on Wednesday asked banks not to count failed transactions at ATMs due to technical reasons as part of "free ATM transactions" permitted every month. Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer. The RBI's clarification in this regard comes after …

Is it finally time for a hike in ATM interchange fees?
5 years, 6 months ago

Is it finally time for a hike in ATM interchange fees?

Live Mint  

The Reserve Bank of India recently set up a committee to review the ATM interchange fee. V Balasubramanian, President - Merchant & Terminal Business, FSS Balasubramanian V, Confederation of ATM Industry Rate hike will add more ATMs, promote inclusion We have been pushing for a hike in interchange rate as new regulatory requirements, coupled with low interchange rates, were making …

SBI ATM withdrawal rules: Free transactions, charges and other details
5 years, 6 months ago

SBI ATM withdrawal rules: Free transactions, charges and other details

Live Mint  

The charges you pay for using Automated Teller Machines may change soon. Currently, the State Bank of India offers eight free transactions to regular savings bank account holders, including five transactions at SBI ATMs and three at other bank ATMs. In non-metros, such account holders get 10 free transactions, including five at SBI ATMs and five at others. The bank …

RBI constitutes six-member panel to review ATM interchange fee structure
5 years, 6 months ago

RBI constitutes six-member panel to review ATM interchange fee structure

Live Mint  

New Delhi: The Reserve Bank of India on Tuesday constituted a six-member committee to review the ATM interchange fee structure with a "view to give a fillip to the ATM deployment in the unbanked areas". In order to address these, it has been decided to set up a Committee involving all stakeholders, under the chairmanship of the Chief Executive Officer, …

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees
5 years, 6 months ago

Is RBI planning to wave off ATM charges too? Central bank forms review panel after removing NEFT, RTGS fees

ABP News  

Days after the Reserve Bank of India removed charges levied against National Electronic Funds Transfer and Real-time Gross Settlement and directed banks to pass on the benefits to customers, a committee has been formed to examine the gamut of charges taken against the withdrawal of money from Automated Teller Machines. In its June bi-monthly monetary policy meeting, RBI had said …

Opinion | The slow suffocation of ATMs in the country
5 years, 7 months ago

Opinion | The slow suffocation of ATMs in the country

Live Mint  

Human memory is short, but a small trigger can revive painful episodes. According to the Reserve Bank of India, the number of ATMs across the country has shrunk over the past two years despite rising transactions done on these machines. A Bloomberg report published on Thursday in Mint refers to an International Monetary Fund chart for 2017 which shows that …

Your ATMs won’t shut down, but fee likely to increase
5 years, 8 months ago

Your ATMs won’t shut down, but fee likely to increase

Live Mint  

Mumbai: Last year, the automated teller machine industry warned that nearly 50% of ATMs may be shut down by March 2019 due to unviability of the operations. However, you may have to brace yourself for a higher ATM cost and here is why: Increase is ATM maintenance cost Firstly, the ATM industry had a direct impact of demonetisation, which took …

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