Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / News/  RBI releases draft paper on ATM charges
BackBack

RBI releases draft paper on ATM charges

RBI releases draft paper on ATM charges

Premium


Mumbai: The Reserve Bank of India on 24 December released a draft approach paper on banks’ automated teller machines (ATMs), which would pave the way for providing a transparent framework for levy of service charges on ATM usage.

The paper titled “ATMs of Banks: Fair Pricing and Enhanced Access" is intended to establish a fair and transparent framework for service charges on ATM usage so that it encourages financial inclusion and enhances access to ATMs.

“As the charges levied on the customers vary from bank to bank and also vary according to the ATM network that is used for the transaction, a customer is not aware, beforehand, of the charges that will be levied for a particular ATM transaction," the central bank said in a release.

“This generally discourages the customer from using the ATMs of other banks. Enhanced and cost effective access to ATMs plays an important role in technology based financial inclusion," it added.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 25 Dec 2007, 12:02 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App