The Reserve Bank of India constituted a six-member committee to review the ATM interchange fee structure with a “view to increase the ATM deployment in the unbanked areas”. The committee will be led by V G Kannan, Chief Executive, Indian Banks Association.
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.
Source: The Live Mint
Static/Current Takeaways Important For LIC AAO/ADO Mains 2019:
- RBI 25th governor: Shaktikanta Das
- Headquarter: Mumbai, Established on 1st April, 1935
- ATM: Automated Teller Machine