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: -
To review the existing structures and patterns of costs, charges and interchange fees for ATM transactions; -
To review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees; -
To assess the entire gamut of costs in respect of the ATM ecosystem; -
To make recommendations on the optimal charge/interchange fee structure and pattern; and -
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 | |