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ATM income spikes at India's state bank after regulatory change

June 27, 2016

In 2015, India's banks implored the country's central bank to allow them to charge higher fees for the use of their ATMs, which were swimming in red ink.

The State Bank of India agreed to a limit of five free on-us ATM transactions per bank customer per month. Now, according to a report by India's NDTV, it seems that SBI has, itself, benefited handsomely from the fee of 20 rupees (29 cents) charged for each transaction beyond the monthly limit.

In its 2015–2016 fiscal year, SBI saw a year-over-year increase of 48 percent in revenue from ATM transactions. Indian activist Chandrashekhar Gaud has now demanded that SBI should adjust the fee cap again — this time in the customer's favor.