The news is not good for users using ATMs to withdraw cash. In the upcoming days, these consumers might get a shock, as ATM withdrawals might get pricey. ATM operators are requesting higher fees, which is the cause of this.
Customers will be impacted by this.
ATM operators have reportedly requested a rise in the interchange fee, according to an ET article. They have spoken with the National Payments Corporation of India (NPCI) and the Reserve Bank about this. Customers must pay an interchange fee for ATM withdrawals from ATMs. Customers will incur more costs while withdrawing cash from ATMs if this fee is raised.
There is a need for this kind of increase.
The Confederation of ATM Industry (CATMI), a consortium comprising ATM operators, has recommended raising the interchange fee to a maximum of Rs 23 per transaction. Although many other operators have insisted on charging Rs 23 for each transaction, ATM maker AGS Transact Technologies claims that it has asked for an adjustment in the interchange fee to Rs 21 per transaction.
The last rise to the interchange fee occurred in 2021. The interchange fee was raised to Rs. 17 per transaction at that point, from Rs. 15. From that point on, the fee is just Rs 17. Operators state that although there has been a significant pause since the last fee adjustment, there won’t be one this time. One bank pays another a charge for an exchange. Assume the ATM is owned by PNB and the card is from SBI. In this scenario, SBI will exchange the transaction for an interchange charge with PNB. In the end, banks pass this cost through to their clients.
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