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RBI sets up 6 member panel to examine the ATM charges and fees

Last Updated: June 13, 2019

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RBI sets up 6 member panel to examine the ATM charges and fees

RBI sets up 6 member panel to examine the ATM charges and fees

13 June 2019 Current Affairs:

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.

Panel Members:
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).

Purpose of Panel:
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.

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