India

People worried about Return of ATM Debit Card Charge

People worried about Return of ATM Debit Card Charge

Only recently the 50 days window to exchange or deposit old currency post demonetization was completed. The cash crunch however still remains. People are now getting worried at one more fee. People are worried that the ATM Debit Card charge for swiping will return as the 50 days window is over. The Managing Director of NCR Corporation for India and South Asia Navroze Dastur said, “The industry was expecting the waiver (on ATM transaction charges) to continue even after December 31.” However, the Reserve Bank of India was silent about the ATM transaction charges because of which banks started charging the ATM transaction fee.

People worried about Return of ATM Debit Card Charge

Balasubramanian, the President for Transaction Processing and ATM service and FSS said, “The first five transactions will be free of cost. After that, it will be left to the discretion of the banks and the card category of the customer. Banks have an agreement with individual customers on charges levied. Many banks were not charging premium customers before demonetization.” He added, “Cash is not freely available. There are only about 20% of ATMs operational. The government should seriously look to subsidizing digital transactions by creating the Dipayan fund, as recommended by Ratan Watal. Because if going digital is a forced measure, customers should not be bearing the full cost of it.”

The RBI had earlier said that starting New Year, the MDR on transactions up to Rs.1000 would be capped at 0.5%. For transactions up to Rs. 2000 the Merchant Discount Rate would be capped at 0.25%. However, it was not mandatory for the merchants to pass the discount on to customers said the payment companies. The APEX bank waived all debit and credit card transaction charges till December 31. There were many customers who said they were still charged by few merchants including jewelers &  clothing retailers.

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