CAGR of notes in circulation in value terms higher than volume terms last year
Private lender says it is increasing charges to meet operational costs and promote digital banking
New interest rates on fixed deposits come in; PF withdrawals become easier
From May 1, ATM withdrawals beyond free limits will cost ₹23 per transaction, as RBI hikes the cap on bank charges.
If you look at per-ATM daily transactions, rural areas have much higher numbers. That's why WLATMs focus on Tier-III and Tier-IV cities, says Maru
The revision in fees follows requests from white-label ATM operators, who sought higher withdrawal charges due to increasing operational costs affecting their business
higher cash withdrawal may cost more
The cash in circulation in the Indian economy has more than doubled since demonetisation
Cash dispensers reconfigure cassette with lower denominations
Withdrawing without debit or credit cards reduces chances of transaction failure due to wrong PINs, or lost or stolen cards; note, however, that very few banks offer UPI-based withdrawals currently
NPCI advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
Of the tad over 250,000 ATMs in India, nearly 35,000, or 14.58 per cent, are recyclers
Beware of keypad manipulation and heat mapping while using the ATM or PoS machine
ATMs to touch 365,000 by 2027, more in semi-urban, rural areas
Debit cards aren't just for the affluent--two-thirds of Indians use them. There is little reason not to track their use to predict economic growth
SBI will charge Rs 15 plus GST per cash withdrawal beyond 4 free cash withdrawals.
Retail payments fall 45%, card usage slips 57%
Close to 14.6 per cent (or 35,000) of the 240,000 ATMs in India are new-age recyclers, even though they have been around for only 3 years on the local landscape.
Customers are also facing trouble because net banking services are not working and some even complained that their credit cards are also not working
On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities