{"id":249807,"date":"2021-06-15T10:43:31","date_gmt":"2021-06-15T05:13:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=249807"},"modified":"2021-06-15T10:57:10","modified_gmt":"2021-06-15T05:27:10","slug":"rbi-issues-notification-for-usage-of-atm-cash-recycler-machines-and-review-of-interchange-machine-and-customer-charges","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/15\/rbi-issues-notification-for-usage-of-atm-cash-recycler-machines-and-review-of-interchange-machine-and-customer-charges\/","title":{"rendered":"RBI issues notification for usage of ATM\/ cash recycler machines and review of interchange machine and customer charges"},"content":{"rendered":"<p style=\"text-align: justify;\">On June 10, 2021, the Reserve Bank of India has issued a notification for the usage of automated teller machines\/ cash recycler machines and the review of interchange machine and customer charges given the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks \/ white label ATM operators:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Allow increase in interchange fee per transaction from \u20b915 to \u20b917 for financial transactions and from \u20b95 to \u20b96 for non-financial transactions in all centres. This shall be effective from August 01, 2021.<\/li>\n<li style=\"text-align: justify;\">Customers are eligible for five free transactions (inclusive of financial and nonfinancial transactions) every month from their own bank ATMs. They are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centres and five transactions in non-metro centres. Beyond the free transactions, the ceiling \/ cap on customer charges is \u20b920 per transaction.<\/li>\n<li style=\"text-align: justify;\">To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to \u20b921 per transaction. This increase shall be effective from January 1, 2022.<\/li>\n<li style=\"text-align: justify;\">Applicable taxes, if any, shall be additionally payable.<\/li>\n<li style=\"text-align: justify;\">These instructions shall also apply, mutatis mutandis, to transactions done at Cash Recycler Machines (other than for cash deposit transactions).<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On June 10, 2021, the Reserve Bank of India has issued a notification for the usage of automated teller machines\/ cash recycler <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-249807","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast 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customers for transactions done at their own bank ATMs as well as at ATMs of other banks. A reference is also drawn to\u00a0Circular No.DCM (Plg) No.1226\/10.27.00\/2016-17 dated\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":218361,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/19\/usage-of-atms-free-atm-transactions-clarifications\/","url_meta":{"origin":249807,"position":1},"title":"Usage of ATMs \u2013 Free ATM transactions \u2013 Clarifications","author":"Bhumika Indulia","date":"August 19, 2019","format":false,"excerpt":"Clarification issued by Reserve Bank of India\u00a0 It has come to our notice that transactions that have failed due to technical reasons, non-availability of currency in ATMs, etc., are also included in the number of free ATM transactions. It is hereby clarified that transactions which fail on account of technical\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90401,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/05\/government-employees-asked-to-take-the-lead-and-maximize-usage-of-debit-cards-for-personal-related-transactions-instead-of-cash\/","url_meta":{"origin":249807,"position":2},"title":"Government employees asked to take the lead and maximize usage of Debit Cards for personal related transactions instead of cash","author":"Saba","date":"December 5, 2016","format":false,"excerpt":"In the recent years, advancements in banking technology, progress in mobile banking and innovative technologies to facilitate digital payments have enabled large number of small denomination transactions to be handled smoothly in electronic mode. The Government of India has taken policy decisions encouraging cashless\/electronic transactions.\u00a0In its endeavour on moving towards\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":240715,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/15\/rbi-permits-banks-to-open-specific-accounts-without-any-restrictions\/","url_meta":{"origin":249807,"position":3},"title":"RBI permits banks to open specific accounts without any restrictions","author":"Bhumika Indulia","date":"December 15, 2020","format":false,"excerpt":"Opening of Current Accounts by Banks On a review, it has been decided to permit banks to open specific accounts which are stipulated under various statutes and instructions of other regulators\/ regulatory departments, without any restrictions placed in terms of the circular dated August 6, 2020. An indicative list of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":85991,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/16\/rbi-updated-faqs-on-withdrawal-of-specified-bank-notes\/","url_meta":{"origin":249807,"position":4},"title":"RBI: Updated FAQs on Withdrawal of Specified Bank Notes","author":"Saba","date":"November 16, 2016","format":false,"excerpt":"FAQs on Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs 500\/- and Rs 1000\/-\u00a0[Updated as on November 16, 2016] 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85351,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/14\/demonetisation-cash-withdrawal-limit-enhanced-to-rs-2500-at-atms-notified\/","url_meta":{"origin":249807,"position":5},"title":"Demonetisation: Cash withdrawal limit enhanced to Rs 2500 at ATMs, notified","author":"Saba","date":"November 14, 2016","format":false,"excerpt":"S.O. 3446(E).\u2014In exercise of the powers conferred by sub-section (2) of Section 26 of the Reserve Bank of\u00a0India Act, 1934 (2 of 1934), the Central Government hereby amends the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=249807"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/249807\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=249807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=249807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=249807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}