You may have to pay more for withdrawing cash from ATMs. The Confederation of ATM Industry (CATMI) has requested the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to increase the interchange fee for cash withdrawals.
There's been a recent push by the Confederation of ATM Industry (CATMI) to increase the interchange fee for cash withdrawals at ATMs in India .They've proposed raising the interchange fee, which is the fee paid by your bank to the ATM operator's bank, to a maximum of ₹23 per transaction. Currently, it sits around ₹17.
CATMI argues that an increased fee would allow ATM operators to invest more in maintaining and upgrading their machines . If approved by the RBI, this could lead to higher ATM withdrawal fees for consumers, especially if they exceed their free monthly withdrawal limits set by their banks.
The Reserve Bank of India (RBI) is reportedly supportive of a plan to increase interchange fees, which are payments made by the bank that issued a card to the bank that operates the ATM used for cash withdrawals.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
