Automated Teller Machines (ATMs) across banks are all set to increase service charges per transaction from Saturday, following an order from the Reserve Bank of India (RBI), and customers will have to Rs 1 more beyond the permissible free transactions for cash as well as non-cash purposes.
As per the RBI notification dated June 10, 2021, from January 1, 2022, banks have been permitted to charge Rs 21 instead of Rs 20 with applicable taxes, if any, shall be additionally payable.
However, the customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their bank ATMs.
They are also eligible for free transactions (including financial and non-financial transactions) from other bank ATMs, viz., three transactions in metro centres and five transactions in non-metro centres.
The last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014.
The RBI has notified the changes from January 1, 2022, citing the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks or white-label ATM operators.
Ashwani Rana, Founder of Voice of Banking, said, “The increase of service charges per ATM transaction will be charged from the customers beyond a number of transactions permitted by the respective banks. However, this increase is only Rs 1 plus Goods and Services Tax (GST), which is very nominal to customers against the maintenance charges paid by banks as earlier they were charging Rs 20.”
Nipun Jain, Chief Executive Officer, RapiPay Fintech, clarified, “Consumers withdrawing cash using our Micro ATMs and Aadhaar Enabled Payment System (AEPS) will not be affected with the recent RBI guideline to increase ATM transactions charges (applicable after the customers exhaust the free monthly limit).”
“We believe this will boost the already growing demand for cash withdrawal through AEPS and Micro ATMs at our direct business outlets and help us in achieving our goal of growing financial inclusion in deeper geographies and far-flung areas like North East, Kashmir, Ladakh, and Uttrakhand. We have sold over one lakh Micro ATMs since we began operations last year. As a result, our average ticket size of withdrawal has climbed from Rs 3500 to Rs 3800, with a CAGR growth of 25 per cent in Micro ATMs in the last one year,” Jain added.
Militancy incidents on decline in Pulwama, but local militant recruitment still up: GoC D P Pandey
Driver dead, another injured as lorry rolls down into gorge
A trucker was killed and another person injured after a truck rolled down into a deep gorge near Tulbagh, one kilometre from Banihal town of J&K’s Ramban district on Wednesday.
An official that a truck, bearing registration number JK05A 8209, which was on its way from Jammu towards Srinagar fell into a deep gorge near Tulbagh around 7 pm, resulting in on spot death of the driver.
Soon after the accident, Banihal police and local volunteers launched a rescue operation and retrieved the body of the trucker, who was identified as Nazir Ahmad Sheikh (58), son of Abdul Gani Sheikh, a resident of Bandipora in north Kashmir.
The injured, identified as Naveed Ahmad son of Nazir Ahmad, also a resident of Bandipora, was shifted to Emergency Hospital Banihal.
An official said that the body is being shifted to Bandipora and that the relatives of the victims were on their way to Banihal.
3 Soldiers Injured In Shopian Gunfight
On Wednesday, three soldiers were injured, two of them critically, in an ongoing gunfight in south Kashmir’s Shopian district, reports quoted officials said.
They said that two soldiers suffered bullet injuries as soon as the gunfight started between militants and a joint team of Police and army in the Nowgam area of the district. Later, another soldier was injured in the firefight.
Quoting official sources, a news agency reported that the injured were shifted to the army’s 92 base hospital, where two remain in “critical condition.”
The encounter had ensued after Police and army launched a cordon and search operation following inputs about the presence of the militants.
As the joint team approached towards the suspected spot, the officials said, the hiding militants fired upon the forces, triggering off a gunfight, they said.
- Militancy incidents on decline in Pulwama, but local militant recruitment still up: GoC D P Pandey January 27, 2022
- Driver dead, another injured as lorry rolls down into gorge January 27, 2022
- 3 Soldiers Injured In Shopian Gunfight January 27, 2022
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