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RBI says Banks are free to charge Reasonable ATM Fees

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With banks beginning to shut down ATM’s at night hours, RBI come out with a statement which says banks can charge reasonable fees for ATM services. RBI governor Raghuram Rajan said, “If banks charge a reasonable fee on ATM transactions then the RBI will have no objections”.

He also stated that banks will be forced to raise charges if they go into losses. Currently, customers are free to use ATM’s for withdrawing money unlimited times from ATM’s of their bank. They can withdraw for free only for 5 times in a month from other bank ATM’s. With the RBI’s latest statement, banks could start levying charges on transactional basis.

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