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:
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1
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Shri V. G. Kannan
Chief Executive, Indian Banks’ Association
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Chairperson
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2
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Shri Dilip Asbe
Chief Executive Officer, National Payments Corporation of India
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Member
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3
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Shri Giri Kumar Nair
Chief General Manager, State Bank of India
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Member
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4
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Shri S Sampath Kumar
Group Head, Liability Products, HDFC Bank Ltd.
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Member
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5
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Shri K Srinivas
Director, Confederation of ATM Industry
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Member
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6
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Shri Sanjeev Patel
Chief Executive Officer, Tata Communications Payment Solutions Ltd.
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Member
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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
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