A committee of the Reserve Bank of India (RBI) has recommended setting a cash withdrawal limit of Rs 5000 and increasing the ATM charge. The committee constituted by RBI last year to review the ATM interchange fee structure has submitted its recommended RBI report. But it is not known whether RBI has accepted this report or not.
Recommendation to increase inter-change charges .According to a Money life report, an RBI committee has recommended increasing the inter-change charges on all transactions through ATMs across the country. In this report, it has been said that the committee is in favour of fixing the limit of Rs 5,000 per transaction and levying fees for withdrawing more than this. For cities with less than 10 lakh population, this committee has recommended an increase of up to 24 per cent in the charge.
In this report, the cost of a single branch transaction and a single ATM transaction has also been compared. It has been said in this report. Due to the Coronavirus, there has been a huge increase in ATM transactions per customer compared to branch transactions. Given this, the comparison of the cost of a single branch transaction and a single ATM transaction would not be appropriate.Rules for withdrawing cash from ATM will change from July 1.
Due to lockdown and corona, the rules of withdrawing cash from ATMs are going to be changed, which will increase the burden on your pocket.
ATM cash withdrawal is going to be expensive for you from 1 July. The Finance Ministry had withdrawn all transaction charges to withdraw cash from ATMs. The government had given a big relief to people in the middle of Corona crisis by reducing ATM transaction fees for three months. This rebate was given for only three months, which is to end on 30 June 2020.