RBI Reserve Bank of India has approved hike in ATM interchange fees by Rs 2 for financial transactions and Re 1 for non-financial transactions and the revision will be effective from May 1, as per media source.
The cash withdrawal fee will go up to Rs 19 from Rs 17 per transaction, and the balance check fee will rise up to Rs 7 from Rs 6 per transaction.An ATM interchange fee is a charge that one bank pays to another for offering ATM services to customers. The move is likely to have a major impact on smaller banks with limited ATM network and associated transactions.
