ATM withdrawals may no longer be free

Soon account holders may have to pay to withdraw money from their own bank’s ATMs.

The Indian Banks Association (IBA) has proposed that the mandatory five free transactions that banks are required to allow in a month include even the ones at the ATMs of an account-holder's bank.

This proposal for additional charges comes in the wake of higher expenditure foreseen by banks given the new directive that every ATM kiosk should have guards as well as electronic surveillance in the form of CCTVs.

The instructions have come from state governments in the wake of a brutal attack at an unguarded ATM kiosk in Bangalore last year.

The Reserve Bank of India said it will have no objections to banks charging customers for transactions on automated teller machines, provided they charge a "reasonable" fee

"If banks charge a reasonable fee on ATM (automated teller machines) transactions then the RBI will have no objections," Chakrabarty told reporters on Thursday at an event.

"If banks are going into losses they will have no choice but to raise charges," Chakrabarty said.

HDFC is the winner in large banks category.

Overall score: 2,293.13

(Photo: Reuters Pictures)

1 / 10
India Today Group
Tue 26 Nov, 2013 8:30 AM IST

As of now, no request has come from lenders to raise fees for ATM-related transactions, he said.

Also, the issue of charging customers for using ATMs ought to be left to competitive market forces and banks should be given the liberty to decide their own offerings, he added.

Currently, free transactions at cash outlets of other lenders are fixed at five per month. A customer can use his or her bank's ATM as many times in a month.



Latest News

  • Jaitley promises better tax regime for companies
    Jaitley promises better tax regime for companies

    Finance Minister Arun Jaitley struck a conciliatory tone towards investors on Friday, promising to tax corporate profits at competitive rates and saying the government would do all in its power to implement a new goods and services tax (GST) on time. Foreign portfolio investors have complained about surprise tax claims and, during a news conference to mark Prime Minister Narendra Modi's first year in power, Jaitley said a judicial resolution was in the works. Modi's nationalist Bharatiya …

  • SBI Q4 net profit up 23 percent, bad loan ratio down

    State Bank of India , the nation's top lender by assets, reported a better-than-expected 23 percent increase in quarterly profit and a lower bad loan ratio, sending its shares more than 5 percent higher. ... …

  • Status quo on foreign equity in multi-brand retailing: Jaitley

    New Delhi, May 22 (IANS) Finance Minister Arun Jaitley on Friday said the decision taken by the previous United Progressive Alliance (UPA) government to allow 51 percent foreign equity in the country's multi-brand retail trade industry continues even as his party's views were well known. "The views of my party on the policy and the views of my government on the same has been known to everyone for a long time. …

  • Why new Apple Watch update may not monitor your heart rate reliably

    Washington, May 22 (ANI): This might not be good news for heart patients but the latest update of Apple Watch bug will no longer take heart measurements when it should. …

  • Delhi is India's mall capital, but their success limited: Study

    New Delhi, May 22 (IANS) With 95 operational malls in an around Delhi, the National Capital Region has emerged as the mall capital of India but only 12 of them are successful as people used its air-conditioned confines not just for shopping but often only to escape the heat, says a study. There are around 255 operational malls in the top seven cities of India including Delhi, Mumbai, Pune, Bangalore, Kolkata, Chennai and Hyderabad. Among them Delhi is seen as the best bet to host successful, …

  • Finance minister favours cut in interest rates

    The time is right for the Reserve Bank of India (RBI) to cut interest rate due to falling inflation, the finance minister told reporters on Friday. "It is," said Arun Jaitley, when asked whether the time is right for the RBI to effect an interest rate cut. The RBI will review its monetary policy on June 2 and is widely expected by economists to lower its key policy rate by 25 basis points on the back of the sharp fall in both retail and wholesale prices. …

  • Rupee value needs to be market driven - Jaitley
    Rupee value needs to be market driven - Jaitley

    Finance Minister Arun Jaitley said on Friday the value of the rupee should be market-driven, while noting India had potential to touch doubt-digit economic growth. The rupee has fallen nearly 1 percent ... …

  • Japan stock market cap hits record, exceeds 1989 peak

    The market capitalisation of shares listed on the Tokyo Stock Exchange's main board hit a record high on Friday, topping a 26-year peak and marking one victory in Prime Minister Shinzo Abe's campaign to jolt the economy out of a long phase of deflation and stagnation. The total market capitalisation of the TSE's first section rose to 591.30 trillion yen ($4.9 trillion), surpassing the previous peak of 590.09 trillion yen hit in December 1989, when share prices hit record peaks at the height of …



  • Most Actives
    Most Actives
    NamePriceChange% Chg
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg


Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
to view quotes in your portfolios.

Yahoo Cricket