Banks to raise interchange fees for ATM operators by Rs 1.5 to Rs 2

The ATM industry has been lobbying for an increase of inter-change by Rs 3 to Rs 18

The interchange rate, which has been held firm for six years, is set to be raised by Rs 1.5 to Rs 2 from the current rate of Rs 15 with banks and ATM players having arrived at a consensus, said sources. The development is expected to boost ATM deployment in the country, which has been low since demonetisation. 

Inter-change, the rate charged by ATM operators for every transaction, is decided by a National Payments Corporation of India (NPCI) steering committee, which primarily comprises banks.

“A compromise has been hammered out. The inter-change hike to be effected is at the mid-way