ATMs could get a boost; higher withdrawals may cost more

The fee structure of automated teller machines (ATM) is likely to receive an update. The interchange fee – paid by the card-issuing bank when a customer swipes at another bank’s ATM, including at white-label ATMs – can be increased to Rs 20-23. Higher cash withdrawals, meanwhile, may soon attract an additional convenience fee.

Tiered pricing can also be implemented for customers in under-penetrated centers to facilitate withdrawals by direct benefit (DBT) beneficiaries.

This is part of the recent deliberations between the Confederation of ATM Industry (Catmi) and the Reserve Bank of India (RBI). It occurs in the midst of new orders

First print: April 28, 2024 | 11:42 PM IST