Disapprove of ATM charges: RBI Dty Governor

RBI Deputy Governor K C Chakrabarty has said that he disapproves the demand made by banks to charge their customers for using ATM services. Speaking to reporters in Mumbai yesterday, Mr. Chakrabarty said it is a little bit ridiculous that bank will charge customers for using an ATM. He said that instead banks must compare the charges of serving a customer at a branch as against at the ATM. He further informed that RBI does not decide on service charges, and it was up to the banks to decide their charges.

 Banks' umbrella body IBA has requested RBI to cap the number of free transactions to five per month across any ATM network.