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Big Banking Players to Devise an Escape Plan for Micro ATM Fees
April 24, 2017
Some of the biggest banks in India have decided to meet and plan a solution for the interchange fees on micro ATMs that has a become a problem for them.
The Indian Banks Association has strongly recommended that the fee that big banks pay for use of micro ATMs should be cut by 90%. Currently, all the micro ATM’s levy a 1% charge as an interchange fee, with the minimum and maximum fee of Rs. 5 and Rs. 15 respectively. IBA has suggested that for the transactions up to Rs 1,000, the fee should be Re 1, Rs 2 for Rs 2,000, and Rs 10 for Rs 10,000.
