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Banks free to charge reasonable fees for ATM services: RBI

Chakrabarty said that till now RBI has not received any request from banks to raise the fees for customers transacting at ATMs

January 03, 2014 5:24 IST | India Infoline News Service
RBI (Reserve Bank of India) Deputy Governor KC Chakrabarty on Thursday said the regulator will have no objections if banks charged reasonable fee to customers for providing ATM services.

Chakrabarty said that till now RBI has not received any request from banks to raise the fees for customers transacting at ATMs.

According to Chakrabarty, the issue of charging customers for ATM use should be left to competitive market forces and banks should be allowed the liberty to decide their own offerings.

At present, a customer can use his/her bank's ATM as many times in a month, while free transactions at cash outlets of other banks are capped at five a month.
A bank pays Rs 15 plus service tax at 12.36% for every transaction to the other bank even for the free transactions.

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