ATM Fees Set to Surge: RBI Considers Hike in Interchange Rates

The cost of ATM cash withdrawals may soon increase as the Reserve Bank of India (RBI) contemplates raising interchange fees. The Confederation of ATM Industry (CATMI) has proposed increasing the fee to a maximum of Rs 23 per transaction, up from the current Rs 17. This potential hike aims to ensure more funding for ATM operators but could impact millions of Indian consumers. Banks currently offer five free transactions per month in metro cities, with additional withdrawals incurring charges. The RBI is reportedly supportive of the fee increase, which could be implemented in the near future.

Source: The Economic Times