PMK chief opposes change in ATM fees

Flaying the Reserve Bank of India's new guidelines allowing banks to levy Rs 20 per ATM transaction beyond five transactions per month, PMK, a partner of NDA, today demanded withdrawal of the charge.
"To provide ATM services to bank account holders, banks charge Rs 100 to Rs 200 per year. Through that charge itself, banks can manage the expenses of ATMs," PMK chief S Ramadoss said in a statement here.
Stating that banks would be unable to meet the rush as customers would come directly to bank branches to avoid additional charge by using ATM networks, he said, "If such a situation arises, banks have to open new branches. Compared to the expenses incurred by banks to open a branch, it will be very less to set up an ATM."

"Reserve Bank should withdraw the new regulations on ATM transactions as announced and provide all services for its customers without any additional charge," he said.
According to the new guidelines issued by RBI, which came into effect from today, bank customers in New Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore are allowed to carry out financial transactions including withdrawal of money, through ATMs free of charge only for five times a month.