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RBI sets up panel to review ATM interchange fee patterns

Published: Jun 12, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JUNE 12, 2019: THE Reserve Bank of India had 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 would 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:

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