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RBI sets up committee to review ATM charges and fees

RBI said that committee has been set up with the view to give a fillip to the ATM deployment in the unbanked areas.

RBI sets up committee to review ATM charges and fees

New Delhi: The Reserve Bank of India has constituted a committee to review the ATM Interchange Fee Structure that will examine the entire gamut of ATM charges and fees.

RBI said that committee has been set up with the view to give a fillip to the ATM deployment in the unbanked areas.

The six-member committee will be headed by V. G. Kannan, Chief Executive of Indian Banks’ Association. Other members of the panel are Dilip Asbe, Executive Officer of National Payments Corporation of India; Giri Kumar Nair, Chief General Manager of State Bank of India; S Sampath Kumar, Group Head of Liability Products, HDFC Bank Ltd; K Srinivas, Director of Confederation of ATM Industry and Sanjeev Patel, Chief Executive Officer of Tata Communications Payment Solutions Ltd.

The high-level panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions.

It will also review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees.

Besides, it will assess the entire gamut of costs in respect of the ATM ecosystem and make recommendations on the optimal charge/interchange fee structure and pattern.

The RBI has asked the Committee to submit its report within two months from the date of its first meeting.