Setting up an aced review committee panel, RBI views to reshuffle extant ATM Interchange Fee Structure

News Bharati    12-Jun-2019
Mumbai, June 12: Viewing to examine the ATM charges and fees by banks amid demands for reviewing the levies, the Reserve Bank has moved up constituting a high-level committee under IBA Chief Executive V G Kannan on June 11.

 
“The six-member panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions”, the RBI said in its statement.
 
“The committee will also review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees”, it added.
Further, the committee is set to assess the entire gamut of costs in respect of the ATM ecosystem and make recommendations on the optimal charge or interchange fee structure and pattern. The committee has also been asked to submit its report within two months from the date of its first meeting.
 
The use of automated teller machines has been growing significantly and there have been persistent demands to change ATM charges and fees. There are about 2 lakh ATMs in the country and as per the RBI data, at the end-April, there were about 88.47 crore debit cards and 4.8 crore credit cards.