ATM Withdrawals To Cost More From May

New Delhi: Starting May 1, withdrawing cash from ATMs in India will become more expensive as the Reserve Bank of India (RBI) has approved an increase in ATM interchange fees. This means customers who rely on ATMs for their financial transactions will have to pay additional charges once they exceed their free transaction limit.

An ATM interchange fee is a charge that one bank pays another for providing ATM services. This fee, which is usually a fixed amount per transaction, is often passed on to customers as part of their banking costs. The RBI decided to revise these charges following requests from white-label ATM operators, who argued that rising operational expenses were affecting their business.