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RBI hikes charge banks pay to be used of different lenders’ ATMs

MUMBAI: The Reserve Financial institution of India (RBI) has hiked the interchange charge for ATMs to Rs 17 from Rs 15 efficient January 2022. The interchange, which is the cost banks pay one another when their clients use ATMs of one other lender, was final revised in 2012.
Whereas the Rs 17 charge will apply to withdrawals, for non-financial transactions the interchange will go up from Rs 5 to Rs 6. For patrons, the ATM withdrawal cost will go to Rs 21 from Rs 20 in the event that they exhaust their free transactions.
Prospects are eligible for 5 free transactions (inclusive of non-financial transactions) each month from their very own financial institution ATMs. They’re additionally eligible for 3 free transactions from different financial institution ATMs in metros (5 in non-metro centres).
“This can assist us not solely serve the shoppers higher but in addition deploy further ATMs, that are notably wanted in semi-urban and rural places, to offer monetary entry and allow monetary inclusion. It would additionally give much-needed aid to the ATM trade,” stated Rustom Irani, MD & CEO, Hitachi Fee Providers.
The RBI stated that the choice was taken given the rising value of ATM deployment and bills in direction of ATM upkeep incurred by banks/ white label ATM operators, as additionally contemplating the necessity to stability expectations of stakeholder entities and buyer comfort.
The Confederation of ATM Business stated that the transfer will incentivise banks, administration service suppliers and white label ATM operators to considerably improve ATM penetration in semi-urban and rural areas thereby boosting monetary inclusion.



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