Atm cash withdrawal: Cash withdrawn from ATM will now become expensive as the Reserve Bank of India (RBI) is preparing to increase the fee and ATM interchange fees on more than the free five transactions limit. It was informed on Tuesday in the Hindu business line report. That is, now customers will have to spend more than their pockets to withdraw cash from ATMs.
How much will the charge increase?
What is the proposed fee hike? On this, the news portal in its report quoted the people who have been aware of the case, saying, the National Payment Corporation of India (NPCI) recommended to increase the maximum cash transaction fee from Rs 21 to 22 after the completion of the free limit five times. Is of
The payment regulator NPCI has also recommended to increase the ATM interchange fee from Rs 17 to Rs 19 for cash transactions after negotiating with the industry.
Explain that the interchange fee is applied on the withdrawal after a limit from the ATM of another bank. That is, this is the amount given by one bank to another bank instead of using ATM service. It is also mentioned on the bill after transaction from ATM.
RBI held a meeting on this
According to the report, banks and white-labeled ATM operators agree with NPCI plans to increase fees in metro and non-Metro areas. However, the Reserve Bank of India and NPCI have not yet commented on this development.
The report of the news portal quoted a person who is aware of the case as saying, “RBI formed a second committee headed by the CEO of IBA, which included officials of SBI and HDFC Bank.”
He further said, “After assessing the cost for private and public sector banks, we recommended it in September last year. We said that the recommendation of NPCI can be kept (for metro sectors), but the real issue is in rural and semi-urban areas. ”
Increasing expenses of running ATM
According to the report, due to rising inflation and rising borrowing costs at the rate of 1.5-2 percent in the last two years, more expenditure on transportation, cash repayment and compliance cost has increased the cost of ATM operation in non-metro places.
Also read:
‘Poor who has earned less than 60 lakhs annually …’ debate on viral post on income inequality in the country
(Tagstotranslate) Atm cash withdrawal
Source link
