RBI sets a panel to examine entire gamut of ATM charges and fees

New Delhi, June 13 (KNN) The Reserve Bank of India (RBI) has formed a six-member committee headed by VG Kannan, Chief Executive, Indian Banks’ Association to examine the entire gamut of ATM charges and fees.

The committee will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions. It will also review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees.

In addition, it will assess the entire gamut of costs in respect of the ATM ecosystem and make recommendations on the optimal charge/interchange fee structure and pattern.

Besides assessing the entire gamut of costs in respect of the ATM ecosystem, it will also make recommendations on the optimal charge/interchange fee structure and pattern.

The RBI said the committee may submit its report within two months from the date of its first meeting.

NPCI chairman Dilip Asbe, SBI banker GK Nair, Director of confederation of ATM industry K Srinivas, HDFC banker S Sampath Kumar and Tata Communications and Payment Solutions CEO Sanjeev Patel are among other members in the panel. (KNN/Lavannya)