Is it finally time for a hike in ATM interchange fees?
Live MintThe 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 it unfeasible for service providers to deploy or operate ATMs. With interchange rate hike, both banks and white-label ATM operators will deploy more ATMs. Surinder Chawla, Head, Retail Liabilities and Wealth Management, RBL Bank Surinder Chawla, RBL Bank Let banks decide how much they want to charge Financial inclusion and expansion of bank accounts across various strata of society and regions has given an impetus to ATMs and their nationwide distribution through government and private sector initiatives. Puneet Kapoor, Senior executive vice president, Kotak Mahindra Bank Puneet Kapoor, Kotak Mahindra Bank New mandates will further increase costs for operators With the ongoing implementation of guidelines issued last year by the ministry of home affairs and RBI’s circular on the mechanism of cash loading in ATMs, the cost of running ATMs is going to increase for both banks and operators.