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Home News News and Press Release Month 6 2019 2019 (6) This
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Committee to Review the ATM Interchange Fee Structure

June 11, 2019
  • Contents

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:

1

Shri V. G. Kannan
Chief Executive, Indian Banks’ Association

Chairperson

2

Shri Dilip Asbe
Chief Executive Officer, National Payments Corporation of India

Member

3

Shri Giri Kumar Nair
Chief General Manager, State Bank of India

Member

4

Shri S Sampath Kumar
Group Head, Liability Products, HDFC Bank Ltd.

Member

5

Shri K Srinivas
Director, Confederation of ATM Industry

Member

6

Shri 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.

Yogesh Dayal
Chief General Manager

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