Increasing the fee is part of the price revision of the IRB after the recommendation of the National Corporation on India’s Payments (NPCI). In June 2021, the IRB previously revised the transaction of ATMs.
You will have to pay a little further if you are withdrawing money from ATMs except your own starting from May 1. This is because the Indian Reserve Bank (RBI) has approved an increase in ATMs – the amount that the bank pays to others for using its services.
How much paying was on the hike?
The cash withdrawal fee was erected by Rs 2 as it will cost 19 for transaction. Previously, the fee was 17 rupees.
The balance of investigation has increased from Rs 6 to 7.
Increasing the fee is part of the price revision of the IRB after the recommendation of the National Corporation on India’s Payments (NPCI).
Why was the hike made?
ATMs from the White Marks are reportedly owned and managed by non-banking organizations, they called to increase, claiming that previous fees were no longer available due to the increase in operating costs.
RBI has not yet issued a formal fee notice.
What impact it will be?
It is expected that this step will more affect the customers of smaller banks, as such banks often depend on large banks for ATM services.
In particular, these fees become suitable after users have exhausted their free monthly restrictions-three transactions in non-metropolitan areas and five in the capital regions.
In June 2021, the IRB previously revised the transaction of ATMs.
To avoid paying additional payments, customers can try to follow your own bank or count more on digital payment methods.
