ATM operators want higher interchange rates

Mumbai April 18 (IANS) Bank customers may be hit as ATM operators have demanded higher interchange rates for ATM transactions to enable them to comply with recent stringent RBI guidelines an industry body said here on Wednesday.

Presently all banks charge a fee of Rs 15 for each cash and Rs 5 for all non-cash transactions from each other for use of their ATMs by other banks customers -- which is recovered from the (user) customers -- beyond the five minimum free transactions.

Now the Confederation of ATM Industry (CATMi) has demanded that this should go up by at least Rs 3-5 per transaction to enable ATM operators recover their costs which have skyrocketed in recent times.

CATMi Director K. Srinivas said recently the RBI issued guidelines that will result in overall cost hike for the ATM service providers vide circulars on April 6 and April 12 2018.

--IANS
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