- Alive correspondent 03-01-2017
In the wake of the cash crunch that has been brought about by demonetisation, customers are reportedly upset that the government has decided against continuing the waiver on ATM usage and debit card transaction fees till the situation is normalised.
Speaking to The Times of India, Naroze Dastur, managing director of NCR Corporation said, "The industry was expecting the waiver (on ATM transaction charges) to continue even after 31 December".
The first five transactions will be free of cost. After that it will be left to the discretion of the banks and the card category of the customer. Banks generally have an agreement with individual customers on charges levied. Many banks were not charging premium customers before demonetisation," said V Balasubramanian, president, transaction processing and ATM service, FSS.
Before demonetisation, banks like State Bank of India, Punjab National Bank and ICICI Bank were charging Rs 15 per transaction as they had a wider ATM network and larger users than other banks. Most other banks charged Rs 20 per ATM transaction before the November 8announcement. SBI and PNB did not respond to request for comments on current charges for ATM usage.
"Cash is not freely available. There are only about 20% of ATMs operational. The government should seriously look to subsidising digital transactions by creating the Dipayan fund, as recommended by Ratan Watal. Because if going digital is a forced measure, customers should not be bearing the full cost of it," said Balasubramanian.