Sunday, February 3, 2008

RBI proposes reduction in ATM charges

ATM Charges reduction RBI Indian BanksReserve Bank of India issued a draft notification to Indian banks to reduce the charges for use of ATM service. Banks charge a variable fee from customer accounts for withdrawing money from ATM of other banks. RBI has proposed a ceiling of Rs 20 for such transactions while the current charges are around Rs 50 for each transaction.

RBI has further said that banks must not charge any money for using other services like balance inquiry or account mini statement.

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