RBI sets up 6 member panel to examine the ATM charges and fees
14, Jun 2019
Prelims level : Mains level :
- The Reserve Bank of India (RBI) has set up a high-level six-member committee under IBA Chief Executive V G Kannan.
- The committee will examine ATM charges and fees by banks amid demands for reviewing the levies. There have been persistent demands to change automated teller machines (ATM) charges and fees as its uses are growing significantly.
- Head of the Panel: IBA Chief Executive V G Kannan
- The members are Dilip Asbe (CEO, NPCI), Giri Kumar Nair (CGM, SBI), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), K Srinivas (Director, Confederation of ATM Industry), Sanjeev Patel (CEO, Tata Communications Payment Solutions).
- The panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions. The committee is to review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees.
- Also, the panel will be assessing the entire range of costs in respect of the ATM ecosystem and make recommendations on the optimal charge/interchange fee structure and pattern.