Banks want control on free third-party ATM use as they petitioned the Reserve Bank of India (RBI) to put restrain on cash withdrawals at third-party ATMs.
Representatives from the Indian Banks Association met central bank officials late last month, said RBI had accepted most of their suggestions and these are likely to come into effect soon.
Customers have been allowed to withdraw cash and check account balances since April 1, without having to bear any interchange fee. The burden was earlier passed on to bank clients.
Now, banks want modifications in the free ATM rule after spurt in number of transactions but a fall in the ticket value of each transaction. Banks are mainly focused on psoposal to impose a limit of Rs 10,000 per withdrawal when customers use a third-party ATM and a limit of five per month on the number of free third-party transactions.
Representatives from the Indian Banks Association met central bank officials late last month, said RBI had accepted most of their suggestions and these are likely to come into effect soon.
Customers have been allowed to withdraw cash and check account balances since April 1, without having to bear any interchange fee. The burden was earlier passed on to bank clients.
Now, banks want modifications in the free ATM rule after spurt in number of transactions but a fall in the ticket value of each transaction. Banks are mainly focused on psoposal to impose a limit of Rs 10,000 per withdrawal when customers use a third-party ATM and a limit of five per month on the number of free third-party transactions.
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