Now the bank wants to earn big money even from villages?, know why ATM inter charges are being increased

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According to a report, there are about 2,15,575 ATMs in the country till March 2021. At the same time, according to the World Bank, there are only 20 ATMs per 1 lakh people in India.

Bank charges

The bank usually earns big money from the general public by levying ATM withdrawal charges and all kinds of different charges. At the same time, on Thursday this week, RBI has announced an increase in withdrawal and intercharge charges from ATMs over and above the limit. In fact, from the year 2012, the ATM interchange fee for financial services was Rs 15 and for financial services Rs 5, which has now been increased to Rs 17 and Rs 6. But the question is that when banks are already charging money from the general public in the name of many charges, then why increase in ATM intertarges, what is its purpose. Let’s know.

What is ATM Intercharge? ATM Intercharge Banks give each other their ATMs for use. Meaning: If you have an ICICI Bank card and you withdraw money from SBI ATM, then ICICI Bank has to give ATM intertarge to SBI. Similarly, the second bank gives this charge to the first bank. Meaning banks have to pay this charge to each other for using other ATMs.

what is its purpose

Now RBI has increased this charge after about 12 years. According to a report by Mint, there are about 2,15,575 ATMs in the country till March 2021. At the same time, according to the World Bank, there are only 20 ATMs per 1 lakh people in India. In such a situation, the purpose of RBI is to increase the intercharge so that more new players can deploy their ATMs.

what is the condition of the villages

On the other hand, if we talk about the villages or remote areas of the country, then only 20 percent of the total ATMs in the rural areas of India are present. In such a situation, experts believe that after this decision of RBI, the number of ATMs in the villages will increase. However, due to the increase in non-financial charges, the pocket of the common man will also be relaxed. Even though this is an increase of only Re 1 to say, but according to the customers of the banks, it becomes a hefty amount.

Earnings in the name of bank charges

Whether it is the big banks of the country or small banks, they all earn big money in the name of charges from the customers. More recently, a study by IIT Bombay revealed that the country’s largest government bank has earned Rs 308 crore in the name of charges only from BSBG account. At the same time, the country’s second largest public sector bank PNB has also recovered crores of rupees from this charge.

Earnings are done in the name of these charges

in the name of bank statement
in the name of checking balance
Mini statement is also charged
After Limit Withdrawal
In the name of home branch and non home branch
In the name of generating mobile alert or PIN
On getting a new ATM card
Knowing the status of the check
money transfer charges
card pin reset charge

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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