Consumers using ATMs may have to pay more in the coming months as the Reserve Bank of India on Thursday set up a panel to rationalise ATM charges and fees in the wake of growing use of Automated Teller Machines by the public.
The panel headed by the chief executive officer of Indian Bank Association has been given the responsibility of examining the entire gamut of ATM charges and fees.
The composition and terms of reference of the committee will be decided in a week's time and it will submit a report to the central bank within two months of its first meeting.
According to a State Bank of India report, one ATM transaction costs RS 30, while banks charge the customers a maximum of RS 20 and that too after a certain number of transactions.
The report said that the growing cost of deployment and maintenance of ATMs by banks should be taken care of.
"We believe that ATM charges should be rationalised to benefit all stakeholders in the ATM industry," it said.
In the last year, while the number of ATMs in the country increased by 6,723, the debit card transactions increased by 7.4% to Rs 2..8 lakh crore.
(Published 06 June 2019, 17:59 IST)
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