New Delhi :
If you withdraw cash from an ATM, get ready to pay higher charges in the coming days. The charges for withdrawing cash after the set free limit may soon increase.
According to a newspaper report,
ATM operators in India have approached the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to raise the interchange fee paid by customers on cash withdrawals.
Demand for Rs 23 Per Transaction
The Confederation of ATM Industry (CATMI) has proposed increasing the fee to a maximum of Rs 23 per transaction.
An ATM manufacturer stated that the interchange rate was last increased two years ago.
They mentioned that they are in contact with the Reserve Bank, which seems to be supportive of this increase.
CATMI has requested an increase to Rs 21, while some other ATM manufacturers are pushing for a rise to Rs 23.
Interchange Fee Was Increased in 2021
An ATM manufacturer noted that the last increase in the interchange fee took several years, but this time, there appears to be unanimous agreement,
suggesting that a fee hike is imminent.
According to the report, the Reserve Bank did not respond to an email seeking comment.
In 2021, the interchange fee on ATM transactions was increased from Rs 15 to Rs 17.
The ATM interchange fee is the amount paid by the card-issuing bank to the bank where the card is used to withdraw cash.
Additionally, the fee charged to customers was increased from Rs 20 to Rs 21 per transaction.
