RBI constitutes committee to review ATM pricing

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The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees. In a press release, the RBI said, Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporation of India, SBI, HDFC Bank, Confederation of ATM Industry and Tata Communications Payment Solutions Limited. 

The committee will review existing patterns of costs, charges and interchange fees for ATM transactions. It is to submit its report within two months from the date of its first meeting.