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Private-party ATMs to come up soon

DNMUM236491 | 2/15/2012 | Author : Vishwanath Nair | WC :283

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The Reserve Bank of India on Tuesday issued draft rules for 'white label' ATMs — to be set up by private service providers, and not owned or linked to any bank.
Customers of any bank can withdraw money from such ATMs, and the machines will display the charges that will be levied on transactions beforehand on their display screens.
But white-label ATM operators will not be entitled to any charges other than the interchange fee payable under the current system.
Currently, only the first five transactions in a month at ATMs not belonging to one's bank are free and all subsequent transactions are charged @Rs 20 per transaction. Customers can make any number of transactions at ATMs belonging to their bank.

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