{"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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