RBI constitutes Committee to Review the ATM Interchange Fee Structure

By Taxscan Team - On June 12, 2019 2:38 pm - 2 mins read
ATM Depreciation - ATM - RBI - Taxscan

The Reserve Bank of India ( RBI ) has constituted committee to review the ATM interchange Fee Structure.

It was announced in the Part ‘B’ of the Second Bi-Monthly Monetary Policy for the year 2019-20 on June 6, 2019 that the Reserve Bank of India will constitute a Committee to Review the ATM Interchange Fee Structure with a view to give a fillip to the ATM deployment in the unbanked areas.

Accordingly, the Reserve Bank of India has constituted a Committee to examine the entire gamut of ATM charges and fees. The composition of the Committee is as under:

1Shri V. G. Kannan
Chief Executive, Indian Banks’ Association		Chairperson
2Shri Dilip Asbe
Chief Executive Officer, National Payments Corporation of India		Member
3Shri Giri Kumar Nair
Chief General Manager, State Bank of India		Member
4Shri S Sampath Kumar
Group Head, Liability Products, HDFC Bank Ltd.		Member
5Shri K Srinivas
Director, Confederation of ATM Industry		Member
6Shri Sanjeev Patel
Chief Executive Officer, Tata Communications Payment Solutions Ltd.		Member

The Terms of Reference of the Committee are as under:

  1. To review the existing structures and patterns of costs, charges and interchange fees for ATM transactions;
  2. To review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees;
  3. To assess the entire gamut of costs in respect of the ATM ecosystem;
  4. To make recommendations on the optimal charge/interchange fee structure and pattern; and
  5. Any other item relevant to the above.

The Committee may submit its report within two months from the date of its first meeting.

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