Operators demand RBI to increase withdrawal fees from ATMs

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Withdrawing money from ATMs can be expensive in the coming days. The country’s ATM operators have written a letter to the Reserve Bank demanding an increase in interchange fees. This fee is collected from the customers and there is a demand for increase in it. In their letter, the operators have told the Reserve Bank that they will have to bear huge losses if they do not raise the fees. The reports claimed that increased spending is a major reason behind the increase in fees directed by the central bank to improve maintenance.

According to the report of an English newspaper, due to the Reserve Bank’s increased standards regarding security and maintenance, the expenses of ATM operators have increased but no revenue has been increased for it. To maintain this cost, operators have demanded an increase in interchange fees. Currently this fee is 15 rupees and in that the customer gets the first 5 transactions free.

According to the information, the letter written by the operators to the Reserve Bank officials stated that due to incessant expenditure, the operation of ATMs is being affected and banks are also facing trouble in issuing new ATMs. For this, the Committee of Operators has advocated to increase the interchange fees.

In its proposal, this committee has said that in areas with population less than 10 lakh, it has been said that the interchange fees for financial transactions will be Rs 18 and for non-financial transactions Rs 8. At the same time, in areas with more than 10 lakh population, this fee has been said to be Rs 17 for financial transactions and Rs 7 for non-financial.

If the Reserve Bank accepts this proposal, then the burden on your pocket will increase.

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