Banks are likely to start charging customers for transacting more than 5 times a month at any bank ATM, including their own bank.
Banks have requested the charge on ATM transactions to pay for the increased security costs at ATMs, put in place by many State Governments, following the grievous attack on a woman inside an ATM kiosk in Bangalore last November.
Currently, there is no cap on the number of transactions that a customer can undertake at his own bank’s ATM.
However, the number of free transactions at other banks ATMs has been capped at five a month.
Banks may also down the shutters of some ATMs at night, especially at locations where footfalls are low.
Last week, RBI Deputy Governor K.C. Chakrabarty said the regulator will have no objections if the lenders charge a ‘reasonable fee’ for the ATM services.
Banks have requested the RBI to allow them to increase the ATM interchange fees to Rs 18 from Rs 15 a transaction now.
They want to pass on the costs arising from the interchange fee and switching fee to customers from the 6 transaction onwards.
Other News From Banks---
Janet Yellen has been confirmed as the new chairman of the Federal Reserve, however her appointment was backed by the least Senate support on records indicating that the central bank is facing internal differences.
Souces have said that the central bank is still facing scrutiny from political leaders even 6 years after the financial crisis.
The senate voted 56-26 to confirm Yellen as the new head of the central bank, indicating that she received least support from the leaders.
Yellen, who will be the first woman to head the Federal Reserve, will lead the central bank at a troubling time as it is planning to roll back it stimulus package.
Banks have requested the charge on ATM transactions to pay for the increased security costs at ATMs, put in place by many State Governments, following the grievous attack on a woman inside an ATM kiosk in Bangalore last November.
Currently, there is no cap on the number of transactions that a customer can undertake at his own bank’s ATM.
However, the number of free transactions at other banks ATMs has been capped at five a month.
Banks may also down the shutters of some ATMs at night, especially at locations where footfalls are low.
Last week, RBI Deputy Governor K.C. Chakrabarty said the regulator will have no objections if the lenders charge a ‘reasonable fee’ for the ATM services.
Banks have requested the RBI to allow them to increase the ATM interchange fees to Rs 18 from Rs 15 a transaction now.
They want to pass on the costs arising from the interchange fee and switching fee to customers from the 6 transaction onwards.
Other News From Banks---
Janet Yellen has been confirmed as the new chairman of the Federal Reserve, however her appointment was backed by the least Senate support on records indicating that the central bank is facing internal differences.
Souces have said that the central bank is still facing scrutiny from political leaders even 6 years after the financial crisis.
The senate voted 56-26 to confirm Yellen as the new head of the central bank, indicating that she received least support from the leaders.
Yellen, who will be the first woman to head the Federal Reserve, will lead the central bank at a troubling time as it is planning to roll back it stimulus package.
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