Following the order of the Reserve Bank of India (RBI), all banks’ automated teller machines (ATMs) will increase the service fee for each transaction from Saturday, and customers will have to pay 1 rupee in addition to the allowed cash and free cash transactions. Use of cash.

According to the RBI notice on June 10, 2021, from January 1, 2022, banks are allowed to charge 21 rupees instead of 20 rupees. If there are applicable taxes, additional payments should be made.

However, customers are eligible for five free transactions (including financial and non-financial transactions) at their bank ATMs each month.

They are also eligible for free transactions (including financial and non-financial transactions) from ATMs of other banks, ie. Three deals for metro centers and five deals for non-metro centers.

The last change in the exchange fee structure of ATM transactions was in August 2012, and the most recent revision of the fees payable by customers was in August 2014.

RBI has notified the changes from January 1, 2022, due to the increase in the cost of ATM deployment and the ATM maintenance fees incurred by banks or white-label ATM operators. Ashwani Rana, founder of Bank Voice, said: “The increase in services will charge customers more than the number of transactions allowed by their respective banks for each ATM transaction. This increase is only 1 rupees plus Goods and Services Tax (GST), for customers In terms of maintenance fees paid by the bank, it is very symbolic. Earlier they charged 20 rupees.”

Nipun Jain, CEO of Rupee Pay Fintech, clarified: “Consumers who use our micro ATM and Aadhaar-enabled payment system (AEPS) to withdraw cash will not be affected by the recent RBI guidelines for increasing ATM transaction fees (applicable to customers who use up Monthly free limit).”

“We believe that this will drive the growing demand for cash withdrawals through AEPS and micro ATMs at our direct business outlets, and help us to achieve in deeper regions and remote areas such as Northeast, Kashmir, Ladakh, and Uttrakhand. Since last year Since we started operations, we have sold more than 100,000 micro ATMs. Our average number of withdrawal tickets climbed from 3500 rupees to 3800 rupees, and the compound annual growth rate of micro ATMs in the past year was 25%,” Jane added.

Complete News Source : Hindustan Times