Reserve Bank of India
Date : Jun 11, 2019
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:
a. To review the existing structures and patterns of costs, charges and interchange fees for ATM transactions;
b. To review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees;
c. To assess the entire gamut of costs in respect of the ATM ecosystem;
d. To make recommendations on the optimal charge/interchange fee structure and pattern; and
e. 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
Press Release: 2018-2019/2914
