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
|2||Shri Dilip Asbe
Chief Executive Officer, National Payments Corporation of India
|3||Shri Giri Kumar Nair
Chief General Manager, State Bank of India
|4||Shri S Sampath Kumar
Group Head, Liability Products, HDFC Bank Ltd.
|5||Shri K Srinivas
Director, Confederation of ATM Industry
|6||Shri Sanjeev Patel
Chief Executive Officer, Tata Communications Payment Solutions Ltd.
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.
Chief General Manager
Press Release: 2018-2019/2914