NPCI panel to consider revising ATM fee

To make operations of automated teller machines (ATMs) viable, the National Payments Corporation on Wednesday convened a committee of six banks to come up with suggestions around cost and charges for use of the ubiquitous machines.

“We have constituted a sub-committee of six banks which will look into the cost structure of ATM transactions, and also the reasonableness and quantum of increase in interchange charges which the customer’s bank (issuing bank) pays to the ATM owning bank (acquiring bank),” NPCI chief executive A P Hota said.

The sub-committee, which includes representatives from state-run lenders State Bank of India, Bank of Baroda and Punjab National Bank, and private sector ICICI Bank, Axis Bank and HDFC Bank, will submit report in a month’s time, he said.

The decision to form the sub-committee was taken at a meeting of the steering committee having a majority of banks as members held at the NPCI office on Wednesday.
The NPCI is the convener of the committee, he said.

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