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ATM operators demand an increase in interbank charges

The automated teller machine (ATM) industry wants the central bank to increase the interchange fee for ATM transactions because of the increased costs of running the channel, impact of demonetisation and a fall in transaction volumes.

Interchange fee is the fee that banks pay to each other for the use of their ATMs by other banks’ customers.

The representation is being led by the National Payments Corp. of India (NPCI), which has held discussions with public sector banks and private sector lenders separately, two people close to the development said on the condition of anonymity.

The demand for raising the rate is being led by Continue reading

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