Through the RTI, it has been revealed that according to a suggestion made by a Reserve Bank committee to reduce cash withdrawals, there will be a charge on ATM Withdrawal. However, this report was never made public.
It is possible that now you have to pay some charge for withdrawing more than Rs 5000 from ATM Withdrawal. The Reserve Bank (RBI) is considering this. According to the information received from the RTI, the Reserve Bank is considering charging the charges to promote digital transactions and reduce the cash withdrawal habit.
According to the information received from the RTI, the committee, headed by the Indian Banks Association's chief executive VG Kannan, submitted its report to ease the cash withdrawal habit. He submitted this report to the Reserve Bank on 22 October 2019, although it was never made public.
First RBI rejected the petition
According to the Mint report, the petition of RTI activist Shrikant L was earlier rejected by the Public Information Officer (PIO) of RBI. He later appealed against the Reserve Bank's response, after which he got access to the report. Srikanth has put this copy in the public domain.
ATM's operational cost increased
According to this report, the operational cost of ATM has increased significantly. Apart from this, the interchange fees and ATM usage charge cap have not been reviewed since 2012 and 2008. This report also states that there is a very low number of ATMs in semi-urban and rural areas. There is also a need to install a large number of new ATM machines.
It is possible that now you have to pay some charge for withdrawing more than Rs 5000 from ATM Withdrawal. The Reserve Bank (RBI) is considering this. According to the information received from the RTI, the Reserve Bank is considering charging the charges to promote digital transactions and reduce the cash withdrawal habit.
According to the information received from the RTI, the committee, headed by the Indian Banks Association's chief executive VG Kannan, submitted its report to ease the cash withdrawal habit. He submitted this report to the Reserve Bank on 22 October 2019, although it was never made public.
First RBI rejected the petition
According to the Mint report, the petition of RTI activist Shrikant L was earlier rejected by the Public Information Officer (PIO) of RBI. He later appealed against the Reserve Bank's response, after which he got access to the report. Srikanth has put this copy in the public domain.
ATM's operational cost increased
According to this report, the operational cost of ATM has increased significantly. Apart from this, the interchange fees and ATM usage charge cap have not been reviewed since 2012 and 2008. This report also states that there is a very low number of ATMs in semi-urban and rural areas. There is also a need to install a large number of new ATM machines.
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