To ramp up the speed of Digital and Cashless India, here’s another step towards it.
Starting from 1st of August, the interchange fee that the banks can charge for every withdrawal from the Automated Teller Machines (ATM) will be up by Rs. 2. This order comes from the Reserve Bank of India (RBI).
The central bank, in the month of June, raised the interchange fee to Rs.17 from Rs.15. The fee for the non-financial transactions has been increased to Rs.6 from Rs.5.
If an individual exceeds hia monthly free transactions, then he will have to Rs. 21 instead of Rs.20 per transaction as the interchange fee. This rule will come in effect from January next year as per RBI.
The charges were allowed to be hiked by the Central Bank as the deployment cost of ATMs plus their expenses to maintain them is high for the banks.
